2. Matakuliah : V0232 – Akuntansi Keuangan Hotel
Tahun : 2009
Hospitality Financial Accounting Week 7 Accounting for Merchandising Operations in Hospitality

3. 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.

4. 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.

5. 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

6. 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.