Do you know how to compare accounting for merchandising activities and service-based companies? Do you know how many merchandising inventory systems exist in Canada? What is the difference between them? See this short video and understand how a merchandising inventory system works and how it will affect on the way we usually prepare related income statement and balance sheet.
ACCOUNTING FOR MERCHANDISING ACTIVITIES
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MerchandisingperpetualperiodicalCOGSbegining inventoryending inventoryfobfree on boardfreight on boardbalance sheetincome statementinventorywholesalerretailersale discountdebit memeocredit memomemosales returnssales allowancesgross profitgross margineassetcurrent assetshipment costcredit salesobsolescencetimely informationjournal intries