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Accounting test 3

accounting 1

COGS expense of inventory; expense on imcome summary; temporary account
merchandise inventory products that a company owns and intends to sell; Asset on balance sheet; permanent account
income statement for a merchandiser Net sales- Cogs = gross profit Gross profit - expenses = net income
FOB shipping point buyer pays for shipping (in inventory) legal term
FOB destination seller pays for shipping legal term
3/10, n/30 3= % discount /10 = days to get discount n/30= has to be paid in 30 days
Sales Discount Normally has a debit balance because its a Contr Revenue
Returns and Allowances Normally has a debit balance because its a Contra Revenue
lower-of-cost-market basis of accounting for inventories its what ever is lower.. cost or market
Weighted average TC/ total units = 0000 x amount actually sold = COGS
Gross Profit Rate GP/net sales
Gross Profit Net Sales -COGS
Ending inventory TC - cogs
multi step income statement sales(CR) sales discount(dr) Returns and Allowances (DR) ==== (-) Sales = NET SALES NETSALES - COGS = GROSS PROFIT GP - (Sales expenses + Admin expense) = Net Imcome
Purchase with discounts D-Inventory; Cr- A/P
Paid back before end date D-A/P C-Inventory(discount amount) C-Cash-leftover amount
Sold merchandise with discount D-COGS C-Inventory D-A/R C-Sales
Getting a return D-R&A(amt returned) C-A/R D-Inventory(amt it cost us) C-COGS
Returning something D-inventory C-A/P
Paid back with discount D-Cash(amt-discount) D-Sales discount C-A/R
Deposits in Transit Add to Bank
Bank incorrectly recorded check for less than it actually was Deduct from bank
Intrest on checking account Add to book (Debit)
Bank service charges Deduct from book (credit)
Outstanding chekcs Deduct from bank Outstanding checks
Bank credit memorandum Add to book(Debit)credit memo
Bank collected $$ note for the depositer Add to book (debit)deposit collected by bank
Bank printed checks for the depositer for a fee Deduct from book (credit)
NSF Check Decuct from book (Credit)NSF Check
Gross profit method to find goods available for sale Beginning inventory + Merchandise purchases
Gross profit method for net sales Sales- (Discount+R&A)
GPM for estimated COGS Net sales x (1.0-GRP) = estimated COGS
GPM for estimate of the final ending inventory Goods available for sale- estimated COGS= ending inventory
Bank reconciliation beginning balances Bank statement= begin bank bal Cash account bal=book begin bal
something placed in overnight depository(reciepts)but did not appear on bank statement add to bank(Deposit in transit)
debit memorandum Deduct from book(Cr)(debit memo)
note collected by bank & deposited in account Add to book(deposit collected by bank)
Check drawn on another company (cancelled checks) Error check(add to bank0
Created by: kolby19