accounting 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| COGS | expense of inventory; expense on imcome summary; temporary account
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| merchandise inventory | products that a company owns and intends to sell; Asset on balance sheet; permanent account
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| income statement for a merchandiser | Net sales- Cogs = gross profit
Gross profit - expenses = net income
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| FOB shipping point | buyer pays for shipping (in inventory)
legal term
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| FOB destination | seller pays for shipping
legal term
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| 3/10, n/30 | 3= % discount
/10 = days to get discount
n/30= has to be paid in 30 days
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| Sales Discount | Normally has a debit balance because its a Contr Revenue
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| Returns and Allowances | Normally has a debit balance because its a Contra Revenue
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| lower-of-cost-market basis of accounting for inventories | its what ever is lower.. cost or market
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| Weighted average | TC/ total units = 0000 x amount actually sold = COGS
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| Gross Profit Rate | GP/net sales
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| Gross Profit | Net Sales -COGS
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| Ending inventory | TC - cogs
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| 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
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| Purchase with discounts | D-Inventory; Cr- A/P
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| Paid back before end date | D-A/P
C-Inventory(discount amount)
C-Cash-leftover amount
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| Sold merchandise with discount | D-COGS
C-Inventory
D-A/R
C-Sales
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| Getting a return | D-R&A(amt returned)
C-A/R
D-Inventory(amt it cost us)
C-COGS
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| Returning something | D-inventory
C-A/P
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| Paid back with discount | D-Cash(amt-discount)
D-Sales discount
C-A/R
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| Deposits in Transit | Add to Bank
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| Bank incorrectly recorded check for less than it actually was | Deduct from bank
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| Intrest on checking account | Add to book (Debit)
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| Bank service charges | Deduct from book (credit)
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| Outstanding chekcs | Deduct from bank Outstanding checks
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| Bank credit memorandum | Add to book(Debit)credit memo
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| Bank collected $$ note for the depositer | Add to book (debit)deposit collected by bank
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| Bank printed checks for the depositer for a fee | Deduct from book (credit)
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| NSF Check | Decuct from book (Credit)NSF Check
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| Gross profit method to find goods available for sale | Beginning inventory + Merchandise purchases
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| Gross profit method for net sales | Sales- (Discount+R&A)
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| GPM for estimated COGS | Net sales x (1.0-GRP) = estimated COGS
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| GPM for estimate of the final ending inventory | Goods available for sale- estimated COGS= ending inventory
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| Bank reconciliation beginning balances | Bank statement= begin bank bal
Cash account bal=book begin bal
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| something placed in overnight depository(reciepts)but did not appear on bank statement | add to bank(Deposit in transit)
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| debit memorandum | Deduct from book(Cr)(debit memo)
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| note collected by bank & deposited in account | Add to book(deposit collected by bank)
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| Check drawn on another company (cancelled checks) | Error check(add to bank0
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Created by:
kolby19
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