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Slide6-1ACCOUNTINGFORMERCHANDISINGACTIVITIESChapter

6Slide6-2OperatingCycleofaMerchandisingCompanyOperatingcycle營(yíng)業(yè)周期 Theaverageperiodbetweenthepurchaseofmerchandiseandtheconversionofthismerchandisebackintocash.Slide6-3OperatingCycleofaMerchandisingCompany1.Purchaseofmerchandise3.Collectionofthereceivables2.SaleofmerchandiseonaccountCashInventoryAccountsReceivableCashsalesSlide6-4ComparingMerchandisingActivitieswithManufacturingActivitiesMerchandisingCompanyPurchaseinventoryinready-to-sellcondition.ManufacturingCompanyManufactureinventoryandhavealongerandmorecomplexoperatingcycleSlide6-5IncomeStatementofaMerchandisingCompanyCostofgoodssold銷貨成本representstheexpenseofgoodsthataresoldtocustomers.Grossprofitisausefulmeansofmeasuringtheprofitabilityofsalestransactions.Slide6-6WhatAccountingInformationDoesaMerchandisingCompanyNeed?FinancialReportingRequirementsDailyBusinessOperatingRequirementsSpecialReportingRequirementsExamplesRevenuesExpenses

CustomerLedgers

TaxReportsSlide6-7GeneralLedgerAccountsAlthoughgeneralledgeraccountsprovideusefulinformation,theydonotprovidemuchofthedetailedinformationneededinthedailybusinessoperations.Whoowesusmoney?Slide6-8SubsidiaryLedgers明細(xì)分類賬:ASourceofNeededDetailsControllingAccount統(tǒng)制賬戶Slide6-9SubsidiaryLedgersAccountsreceivable(subsidiary)ledger應(yīng)收賬款明細(xì)賬

--AlistofallthechargecustomersandtheirrespectivebalanceAccountspayable(subsidiary)ledger

應(yīng)付賬款明細(xì)賬--AlistofallsuppliersandtheirrespectivebalanceInventorysubsidiaryledger存貨明細(xì)賬(p.227)

--separateaccountforeachtypeofproductinthecompany’sinventorySlide6-10SubsidiaryLedgersAccountsreceivableledgerName:___________________________________________Address:_________________________________________DateItemPostDebitCreditBalanceRef.

Slide6-11Slide6-12TwoApproachesUsedinAccountingforMerchandiseTransactionsPerpetualInventorySystemPeriodicInventorySystemSlide6-13PerpetualInventorySystem

永續(xù)盤存制Theinventoryaccountiscontinuouslyupdatedtoreflectitemsonhand.Let’slookatsomeentries!Slide6-14PerpetualInventorySystemOnSeptember5,WorleyCo.purchased100laserlightsforresalefor$30perunitfromElectronicCityonaccount.Slide6-15PerpetualInventorySystemOnSeptember10,WorleyCo.sold10laserlightsfor$50perunitonaccounttoABCRadios.10*$30=$300Slide6-16PerpetualInventorySystemCostRetailOnSeptember10,WorleyCo.sold10laserlightsfor$50perunitonaccounttoABCRadios.Slide6-17PerpetualInventorySystemOnSeptember15,WorleyCo.paidElectronicCity$3,000fortheSeptember5purchase.Slide6-18PerpetualInventorySystemOnSeptember22,WorleyCo.received$500fromABCRadiosaspaymentinfullfortheirpurchaseonSeptember10.Slide6-19TheInventorySubsidiaryLedgerAttheendoftheperiod,managementcomparesthephysicalinventorycount實(shí)地盤存withtheinventoryledgertodetermineinventoryshrinkage存貨損耗.PerpetualInventoryMethodInventoryAccountPayableAssetO’ELiabilityRevenueExpense=+-++-Costofgoodsold

Sales-++--=+Sep.53000Sep.53000Sep.10500Sep.10500Sep.10300Purchase100units,30$@sales10units,50$@Sep.10300AccountRec.++-Slide6-21TakingaPhysicalInventoryInordertoensuretheaccuracyoftheirperpetualrecords,mostbusinessestakeacompletephysicalcountofthemerchandiseonhandatleastonceayear.Slide6-22TakingaPhysicalInventoryReasonableamountsofinventoryshrinkageareviewedasanormalcostofdoingbusiness.Examplesincludebreakage,spoilageandtheft.OnDecember31,WorleyCo.countsitsinventory.Aninventoryshortageof$2,000isdiscovered.PerpetualInventoryMethodInventoryAssetO’ELiabilityRevenueExpense=+-++-Costofgoodsold

+-=+Sep.53000Dec.312000Sep.10300Inventoryshrinkage

Sep.10300Dec.312000Slide6-24PerpetualInventorySystemBeginninginventoryCostofgoodsavailable+Purchasesforsale-Costofgoodssold=EndinginventoryNetSales-Costofgoodsold=GrossprofitExercise6.4(p.253)Exercise6.6(p.254)Slide6-25ClosingEntriesinaPerpetualInventorySystemCloseRevenueaccounts(includingSales)toIncomeSummary.CloseExpenseaccounts(includingCostofGoodsSold)toIncomeSummary.CloseIncomeSummaryaccounttoRetainedEarnings.CloseDividendstoRetainedEarnings.Theclosingentriesarethesame!Slide6-26PeriodicInventorySystem

定期盤存制Noeffortismadetokeepup-to-daterecordsofeitherinventoryorcostofgoodssold.Let’slookatsomeentries!Slide6-27PeriodicInventorySystemOnSeptember5,WorleyCo.purchased100laserlightsforresalefor$30perunitfromElectronicCityonaccount.NoticethatnoentryismadetoInventory.Slide6-28PeriodicInventorySystemOnSeptember10,WorleyCo.sold10laserlightsfor$50perunitonaccounttoABCRadios.RetailSlide6-29PeriodicInventorySystemOnSeptember15,WorleyCo.paidElectronicCity$3,000fortheSeptember5purchase.Slide6-30PeriodicInventorySystemOnSeptember22,WorleyCo.received$500fromABCRadiosaspaymentinfullfortheirpurchaseonSeptember10.PerpetualInventoryMethodInventoryAccountPayableAssetO’ELiabilityRevenueExpense=+-++-Purchase

Sales-++--=+Sep.53000Sep.53000Sep.10500Sep.10500Purchase100units,30$@sales10units,50$@AccountRec.++-Slide6-32ComputingCostofGoodsSoldinaPeriodicInventorySystemTheyear-endinventoryisdeterminedbytakingacompletephysicalcountofthemerchandiseonhandBeginninginventoryCostofgoodsavailable+Purchasesforsale-Endinginventory=CostofgoodssoldSlide6-33ComputingCostofGoodsSoldinaPeriodicInventorySystemTheaccountingrecordsofPartySupplyshowthefollowing:Inventory,Jan.1,2003$14,000Purchases(during2003)130,000AtDecember31,2003,PartySupplycountedthemerchandiseonhandat$12,000.CalculatePartySupply’scostofgoodssoldfor2003.Slide6-34ComputingCostofGoodsSoldinaPeriodicInventorySystemCostofGoodsSoldcanbecalculatedasfollows:Slide6-35CreatingCostofGoodsSoldinaPeriodicInventorySystemNow,PartySupplymustcreatetheCostofGoodsSoldaccount.Slide6-36CreatingCostofGoodsSoldinaPeriodicInventorySystemNow,PartySupplymustrecordtheendinginventoryamount.PerpetualInventoryMethodInventoryAssetO’ELiabilityRevenueExpense=+-++-Purchase

Sales++--130000130000Dec.3112000Dec.3112000Dec.31130000PurchaseinthisyearAccountPay.+-CostofGoodSold+-Jan.114000Dec.3114000Dec.3113000014000EndinginventorySlide6-38PeriodicinventorysystemExercise6.8(p.255)Question9(p.252)Slide6-39CompletingtheClosingProcessCloseRevenueaccounts(includingSales)toIncomeSummary.CloseExpenseaccounts(includingCostofGoodsSold)toIncomeSummary.CloseIncomeSummaryaccounttoRetainedEarnings.CloseDividendstoRetainedEarnings.Theclosingentriesarethesame!Slide6-40ComparisonofPerpetualandPeriodicInventorySystemsRefertotheexhibit6-6onpage236Slide6-41ComparisonofPerpetualandPeriodicInventorySystemsPeriodicInventorySystemJo’sDressShopPerpetualInventorySystemLargeDepartmentStoresSlide6-42ModifyinganAccountingSystemMostbusinessesusespecialjournals特種日記賬ratherthanageneraljournaltorecordroutinetransactionsthatoccurfrequently.Slide6-43CreditTermsandCashDiscounts

信貸/信用條件2/10,n/30Readas:“Twoten,netthirty”

Whenmanufacturersandwholesalersselltheirproductsonaccount,thecredittermsarestatedintheinvoice.Slide6-44CreditTermsandCashDiscounts2/10,n/30PercentageofDiscount#ofDaysDiscountIsAvailableOtherwise,theFullAmountIsDue#ofDayswhenFullAmountIsDueCashdiscount現(xiàn)金折扣SalesdiscountsintermsofsellerPurchasediscountsintermsofbuyerSlide6-46CreditTermsandCashDiscountsPurchasesarerecordedattheirnetamounts.Purchasediscounts（購(gòu)貨折扣）lostarerecordedwhenpaymentismadeoutsidethediscountperiod.Net(price)Method凈價(jià)法Slide6-47CreditTermsandCashDiscountsOnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.Slide6-48CreditTermsandCashDiscounts$4,000*98%=$3,920OnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.Slide6-49CreditTermsandCashDiscountsOnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.Slide6-50CreditTermsandCashDiscountsOnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.Slide6-51CreditTermsandCashDiscountsNow,assumethatPlayClotheswaiteduntilJuly20topaytheamountdueinfulltoKid’sClothes.PreparethejournalentryforPlayClothes.Slide6-52CreditTermsandCashDiscountsNonoperatingExpenseNow,assumethatPlayClotheswaiteduntilJuly20topaytheamountdueinfulltoKid’sClothes.PreparethejournalentryforPlayClothes.ManagingDiscountsIfwefailtotakea2/10,n/30discount,isitreallyexpensive?365days÷20days×2%=36.5%annualrate

DaysinayearNumberofadditionaldaysbeforepaymentPercentpaidtokeepmoneySlide6-54RecordingPurchasesatGrossInvoicePricePurchasesarerecordedattheirgrossamounts.Purchasediscountstakenarerecordedwhenpaymentismadeinsidethediscountperiod.Gross(price)Method毛額法/總價(jià)法Slide6-55RecordingPurchasesatGrossInvoicePriceOnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.Slide6-56RecordingPurchasesatGrossInvoicePriceOnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.Slide6-57RecordingPurchasesatGrossInvoicePriceOnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.Slide6-58RecordingPurchasesatGrossInvoicePriceReducesCostofGoodsSold$4,000′98%=$3,920OnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.Slide6-59RecordingPurchasesatGrossInvoicePriceNow,assumethatPlayClotheswaiteduntilJuly20topaythefullamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.Slide6-60RecordingPurchasesatGrossInvoicePriceNow,assumethatPlayClotheswaiteduntilJuly20topaythefullamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.Slide6-61ReturnsofUnsatisfactoryMerchandiseOnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisepurchasedfromKid’sClothesoncredittermsof2/10,n/30.Thepurchasewasoriginallyrecordedatnetcost.PreparethejournalentryforPlayClothes.Slide6-62ReturnsofUnsatisfactoryMerchandise$500′98%=$490OnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisepurchasedfromKid’sClothesoncredittermsof2/10,n/30.Thepurchasewasoriginallyrecordedatnetcost.PreparethejournalentryforPlayClothes.Slide6-63TransportationCostsonPurchases

（p.241)Transportationcostsrelatedtotheacquisitionofassetsarepartofthecostoftheassetbeingacquired.ExerciseProblem6.4onpage258Slide6-65TransactionsRelatingtoSalesCredittermsandmerchandisereturnsaffecttheamountofrevenueearnedbytheseller.Slide6-66SalesReturnsandAllowances

銷售退回與折讓OnAugust2,Kid’sClothessold$2,000ofmerchandisetoPlayClothesoncreditterms2/10,n/30.Kid’sClothesoriginallypaid$1,000forthemerchandise.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.Slide6-67SalesReturnsandAllowancesOnAugust2,Kid’sClothessold$2,000ofmerchandisetoPlayClothesoncreditterms2/10,n/30.Kid’sClothesoriginallypaid$1,000forthemerchandise.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.Slide6-68SalesReturnsandAllowancesOnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisetoKid’sClothesfromtheAugust2sale.Kid’sClothescostforthismerchandisewas$250.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.Contra-revenueSlide6-69OnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisetoKid’sClothesfromtheAugust2sale.Kid’sClothescostforthismerchandisewas$250.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.SalesReturnsandAllowancesSlide6-70SalesDiscounts銷售折扣OnJuly6,Kid’sClothessold$4,000ofmerchandisetoPlayClothesoncreditwithtermsof2/10,n/30.ThemerchandiseoriginallycostKid’sClothes$2,000.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.Slide6-71SalesDiscountsOnJuly6,Kid’sClothessold$4,000ofmerchandisetoPlayClothesoncreditwithtermsof2/10,n/30.ThemerchandiseoriginallycostKid’sClothes$2,000.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.Slide6-72SalesDiscountsOnJuly15,Kid’sClothesre