CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 14-3 Planning and Recording a Merchandise Inventory Adjustment  Merchandise inventory.

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Presentation transcript:

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 14-3 Planning and Recording a Merchandise Inventory Adjustment  Merchandise inventory  Analyzing and recording a merchandise inventory adjustment  Analyzing an adjustment when ending inventory is greater than beginning inventory

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Competency: Understanding the Accounting Cycle for a Merchandising Business 2 LESSON 14-3 Objectives: 65 Generate trial balance and end of period adjustments for a merchandising business 71 Summarize the progression from source documents to journals to ledgers to financial reports for a merchandising business

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 14-3 MERCHANDISE INVENTORY page 415

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 14-3 ANALYZING AND RECORDING A MERCHANDISE INVENTORY ADJUSTMENT page Write the debit amount. 3.Label the two parts of this adjustment with a small letter d in parentheses. 2.Write the credit amount.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 14-3 ANALYZING AN ADJUSTMENT WHEN ENDING MERCHANDISE INVENTORY IS GREATER THAN BEGINNING MERCHANDISE INVENTORY page 417 Jan. 1 Bal.294, Adj. (d)4, (New Bal.298,900.00) Merchandise Inventory Adj. (d)4, Income Summary

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 14-3 TERM REVIEW merchandise inventory page 418