Financial Accounting Four: Transactions For A Merchandising Business

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This course is designed for those interested to learn the basics of the transaction for a merchandising business, the fundamentals and core concepts including the double entry accounting process, merchandising transactions, sales and purchase discounts, and the comprehensive problems that is focused on the financial transactions of the business.

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About This CourseBeginner

Merchandising transaction, transactions that deal with inventory, including the purchase of inventory and the sale of inventory. 

In this course, we will discuss related topics including sales discounts, purchase discounts, sales returns and allowances, shrinkage and the cost of goods sold calculation. We will also compare and contrast a perpetual inventory system and periodic inventory system, listing and describing the pros and cons of each, explaining when each may be most appropriate in practice.  

Summary of what will be covered: 

  • Accounting fundamentals
  • Merchandising transaction
  • Perpetual and Periodic Inventory System
  • Sales discount and purchase discount
  • Inventory shrinkage and sales returns. 
  • Financial statements – merchandising company
  • Comprehensive problems

Who is this course for:

  • Accounting students
  • Business owners
  • Anyone who wants to learn accounting

Course Curriculum

Course Sections

Course Overview

Downloadable Materials

Accounting Fundamentals And Merchandising Accounting Cycle

Accounting Building Blocks

Debits And Credits

Journal Entry Thought Process

Accounting Cycle Merchandising Company

Discussion Question – Inventory

Merchandising Transaction Overview

Merchandising Transaction Explained Purchaser And Se

Merchandising Transaction Journal Entry Purchaser

Merchandising Transaction Sales Journal Entry – COGS Jou

Discussion Questions – Difference Between Periodic And Perpetual Inventory

Perpetual And Periodic Inventory Systems

Perpetual Inventory System

Worksheet – Perpetual Inventory System

Periodic Inventory System

Worksheet Periodic System

Perpetual Vs. Periodic Inventory System

Discussion Questions – Operating Cycle For A Merchandising Company

Sales Discount Vs. Purchase Discount Overview

Sales Discount Vs. Purchase Discount

Purchase Discount Journal Entry Explained

Sales Discount Explained Journal Entry Record Discount

Worksheet Purchase Discount And Sales Discount

Discussion Questions – FOB

Inventory Shrinkage – Sales Returns

Inventory Shrinkage

Worksheet – Inventory Shrinkage

Sales Return And Allowance Transaction

Worksheet – Sales Return

Multiple Choice Questions Merchandising Company

Discussion Questions – Income Statement

Financial Statements – Merchandising Company

Income Statement Introduction

Merchandising Financial Statements – Accounting Instructions

Multiple Choice Questions – Merchandising Company

Short Calculation Questions

Discussion Questions – COGS

Merchandising Part 1 – Accounting Financial

Merchandising Part 2 – Accounting Financial

Merchandising Part 3 – Accounting Financial

Merchandising Part 4 – Accounting Financial

Multiple Choice Questions Merchandising Company

Short Calculation Questions – Part 2

Discussion Questions – GP

Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 1

Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 2

Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 3

Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 4

Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 5

Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 6

Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 7

Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 8

Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 9

Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 10

Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 11

Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 12

Accounting Financial – Comp Problem Merchandising Co Journal Entries – Part 13

Discussion Questions – Inventory Shrinkage

Invoice Definition – What Is Invoice

Cash Discount Definition – What Is A Cash Discount

Credit Memorandum Definition – What Is A Credit Memorandum

Credit Period Definition – What Is A Credit Period

Credit Terms Definition – What Are Credit Terms

Free On Board Definition – What Is Free On Board

Gross Margin Definition – What Is Gross Margin

Gross Margin Ratio Definition

Gross Profit Definition – What Is Gross Profit

Gross Profit Ratio Definition – What Is Gross Profit Ratio

Inventory Definition

Merchandise Definition

Multiple-Step Income Statement Definition – What Is A Multiple-Step Income Statement

Periodic Inventory System Definition – What Is Periodic Inventory System

Perpetual Inventory System Definition – What Is Perpetual Inventory System

Purchase Discount Definition – What Is Purchase Discount

Sales Discount Definition – What Is sales discount

Shrinkage Definition – What Is Shrinkage

Single-Step Income Statement – What Is A Singe-Step Income

Trade Discount Definition – What Is A Trade Discount

Wholesaler Definition – What Is A Wholesaler

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