Accounting for Merchandising Operations in Hospitality

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Accounting for Merchandising Operations

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Presentation transcript:

Accounting for Merchandising Operations in Hospitality Chapter 8 Accounting for Merchandising Operations in Hospitality

8-1 Merchandise Purchase Entries for a Merchandiser (Perpetual System) BUYER COMPANY June 5 Merchandise Inventory Accounts Payable (To record goods purchased on account, terms 2/10, n/30) 5,000 10 (To record return of merchandise) 1,000 13 Cash (To record payment on account within discount period) 4,000 80 3,920 Entry if discount is not taken: July 5 (To record payment on account with no discount taken) FREIGHT TERMS: FOB SHIPPING POINT - BUYER PAYS FREIGHT (To record freight charges, terms FOB shipping point) 200 Note: If freight terms were FOB DESTINATION, the seller company would be responsible for paying the freight charges.

8-2 Revenue Entries for a Merchandiser SELLER COMPANY June 5 Accounts Receivable Sales (To record credit sale, terms 2/10, n/30) 5,000 Cost of Goods Sold Merchandise Inventory (To record cost of merchandise sold) 2,500 10 Sales Returns and Allowances (To record return of merchandise) 1,000 (To record cost of goods returned) 500 13 Cash Sales Discounts (To record collection within discount period) 3,920 80 4,000 Entry if discount is not taken: July 5 (To record collection with no discount taken) FREIGHT TERMS: FOB DESTINATION - SELLER PAYS FREIGHT Freight-out (To record payment of freight on goods sold, FOB destination) 200 Note: If freight terms were FOB SHIPPING POINT, the buyer company would be responsible for paying the freight charges.

8-3 Work Sheet for a Merchandiser PARTIAL WORK SHEET Adjusted Trail Balance Income Statement Balance Sheet Account Title Dr. Cr. Merchandise Inventory XX Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Procedure: Merchandise Inventory is extended to the debit column of the balance sheet. Sales is extended to the credit column of the income statement. Sales Returns & Allowances and Sales Discounts are extended to the debit column of the income statement. Cost of Goods Sold is extended to the debit column of the income statement.