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ACCOUNTINGFORMERCHANDISINGACTIVITIESChapter

61OperatingCycleofaMerchandisingCompanyOperatingcycle营业周期 Theaverageperiodbetweenthepurchaseofmerchandiseandtheconversionofthismerchandisebackintocash.2OperatingCycleofaMerchandisingCompany1.Purchaseofmerchandise3.Collectionofthereceivables2.SaleofmerchandiseonaccountCashInventoryAccountsReceivableCashsales3ComparingMerchandisingActivitieswithManufacturingActivitiesMerchandisingCompanyPurchaseinventoryinready-to-sellcondition.ManufacturingCompanyManufactureinventoryandhavealongerandmorecomplexoperatingcycle4IncomeStatementofaMerchandisingCompanyCostofgoodssold销货成本representstheexpenseofgoodsthataresoldtocustomers.Grossprofitisausefulmeansofmeasuringtheprofitabilityofsalestransactions.5WhatAccountingInformationDoesaMerchandisingCompanyNeed?FinancialReportingRequirementsDailyBusinessOperatingRequirementsSpecialReportingRequirementsExamplesRevenuesExpenses

CustomerLedgers

TaxReports6GeneralLedgerAccountsAlthoughgeneralledgeraccountsprovideusefulinformation,theydonotprovidemuchofthedetailedinformationneededinthedailybusinessoperations.Whoowesusmoney?7SubsidiaryLedgers明细分类账:ASourceofNeededDetailsControllingAccount统制账户8SubsidiaryLedgersAccountsreceivable(subsidiary)ledger应收账款明细账

--AlistofallthechargecustomersandtheirrespectivebalanceAccountspayable(subsidiary)ledger

应付账款明细账--AlistofallsuppliersandtheirrespectivebalanceInventorysubsidiaryledger存货明细账(p.227)

--separateaccountforeachtypeofproductinthecompany’sinventory9SubsidiaryLedgersAccountsreceivableledgerName:___________________________________________Address:_________________________________________DateItemPostDebitCreditBalanceRef.

1011TwoApproachesUsedinAccountingforMerchandiseTransactionsPerpetualInventorySystemPeriodicInventorySystem12PerpetualInventorySystem

永续盘存制Theinventoryaccountiscontinuouslyupdatedtoreflectitemsonhand.Let’slookatsomeentries!13PerpetualInventorySystemOnSeptember5,WorleyCo.purchased100laserlightsforresalefor$30perunitfromElectronicCityonaccount.14PerpetualInventorySystemOnSeptember10,WorleyCo.sold10laserlightsfor$50perunitonaccounttoABCRadios.10*$30=$30015PerpetualInventorySystemCostRetailOnSeptember10,WorleyCo.sold10laserlightsfor$50perunitonaccounttoABCRadios.16PerpetualInventorySystemOnSeptember15,WorleyCo.paidElectronicCity$3,000fortheSeptember5purchase.17PerpetualInventorySystemOnSeptember22,WorleyCo.received$500fromABCRadiosaspaymentinfullfortheirpurchaseonSeptember10.18TheInventorySubsidiaryLedgerAttheendoftheperiod,managementcomparesthephysicalinventorycount实地盘存withtheinventoryledgertodetermineinventoryshrinkage存货损耗.19PerpetualInventoryMethodInventoryAccountPayableAssetO’ELiabilityRevenueExpense=+-++-Costofgoodsold

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

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

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

定期盘存制Noeffortismadetokeepup-to-daterecordsofeitherinventoryorcostofgoodssold.Let’slookatsomeentries!26PeriodicInventorySystemOnSeptember5,WorleyCo.purchased100laserlightsforresalefor$30perunitfromElectronicCityonaccount.NoticethatnoentryismadetoInventory.27PeriodicInventorySystemOnSeptember10,WorleyCo.sold10laserlightsfor$50perunitonaccounttoABCRadios.Retail28PeriodicInventorySystemOnSeptember15,WorleyCo.paidElectronicCity$3,000fortheSeptember5purchase.29PeriodicInventorySystemOnSeptember22,WorleyCo.received$500fromABCRadiosaspaymentinfullfortheirpurchaseonSeptember10.30PerpetualInventoryMethodInventoryAccountPayableAssetO’ELiabilityRevenueExpense=+-++-Purchase

Sales-++--=+Sep.53000Sep.53000Sep.10500Sep.10500Purchase100units,30$@sales10units,50$@AccountRec.++-ComputingCostofGoodsSoldinaPeriodicInventorySystemTheyear-endinventoryisdeterminedbytakingacompletephysicalcountofthemerchandiseonhandBeginninginventoryCostofgoodsavailable+Purchasesforsale-Endinginventory=Costofgoodssold32ComputingCostofGoodsSoldinaPeriodicInventorySystemTheaccountingrecordsofPartySupplyshowthefollowing:Inventory,Jan.1,2003$14,000Purchases(during2003)130,000AtDecember31,2003,PartySupplycountedthemerchandiseonhandat$12,000.CalculatePartySupply’scostofgoodssoldfor2003.33ComputingCostofGoodsSoldinaPeriodicInventorySystemCostofGoodsSoldcanbecalculatedasfollows:34CreatingCostofGoodsSoldinaPeriodicInventorySystemNow,PartySupplymustcreatetheCostofGoodsSoldaccount.35CreatingCostofGoodsSoldinaPeriodicInventorySystemNow,PartySupplymustrecordtheendinginventoryamount.36PerpetualInventoryMethodInventoryAssetO’ELiabilityRevenueExpense=+-++-Purchase

Sales++--130000130000Dec.3112000Dec.3112000Dec.31130000PurchaseinthisyearAccountPay.+-CostofGoodSold+-Jan.114000Dec.3114000Dec.3113000014000EndinginventoryPeriodicinventorysystemExercise6.8(p.255)Question9(p.252)38CompletingtheClosingProcessCloseRevenueaccounts(includingSales)toIncomeSummary.CloseExpenseaccounts(includingCostofGoodsSold)toIncomeSummary.CloseIncomeSummaryaccounttoRetainedEarnings.CloseDividendstoRetainedEarnings.Theclosingentriesarethesame!39ComparisonofPerpetualandPeriodicInventorySystemsRefertotheexhibit6-6onpage23640ComparisonofPerpetualandPeriodicInventorySystemsPeriodicInventorySystemJo’sDressShopPerpetualInventorySystemLargeDepartmentStores41ModifyinganAccountingSystemMostbusinessesusespecialjournals特种日记账ratherthanageneraljournaltorecordroutinetransactionsthatoccurfrequently.42CreditTermsandCashDiscounts

信贷/信用条件2/10,n/30Readas:“Twoten,netthirty”

Whenmanufacturersandwholesalersselltheirproductsonaccount,thecredittermsarestatedintheinvoice.43CreditTermsandCashDiscounts2/10,n/30PercentageofDiscount#ofDaysDiscountIsAvailableOtherwise,theFullAmountIsDue#ofDayswhenFullAmountIsDue44Cashdiscount现金折扣SalesdiscountsintermsofsellerPurchasediscountsintermsofbuyerCreditTermsandCashDiscountsPurchasesarerecordedattheirnetamounts.Purchasediscounts（购货折扣）lostarerecordedwhenpaymentismadeoutsidethediscountperiod.Net(price)Method净价法46CreditTermsandCashDiscountsOnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.47CreditTermsandCashDiscounts$4,000*98%=$3,920OnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.48CreditTermsandCashDiscountsOnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.49CreditTermsandCashDiscountsOnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.50CreditTermsandCashDiscountsNow,assumethatPlayClotheswaiteduntilJuly20topaytheamountdueinfulltoKid’sClothes.PreparethejournalentryforPlayClothes.51CreditTermsandCashDiscountsNonoperatingExpenseNow,assumethatPlayClotheswaiteduntilJuly20topaytheamountdueinfulltoKid’sClothes.PreparethejournalentryforPlayClothes.52ManagingDiscountsIfwefailtotakea2/10,n/30discount,isitreallyexpensive?365days÷20days×2%=36.5%annualrate

DaysinayearNumberofadditionaldaysbeforepaymentPercentpaidtokeepmoneyRecordingPurchasesatGrossInvoicePricePurchasesarerecordedattheirgrossamounts.Purchasediscountstakenarerecordedwhenpaymentismadeinsidethediscountperiod.Gross(price)Method毛额法/总价法54RecordingPurchasesatGrossInvoicePriceOnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.55RecordingPurchasesatGrossInvoicePriceOnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.56RecordingPurchasesatGrossInvoicePriceOnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.57RecordingPurchasesatGrossInvoicePriceReducesCostofGoodsSold$4,000´98%=$3,920OnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.58RecordingPurchasesatGrossInvoicePriceNow,assumethatPlayClotheswaiteduntilJuly20topaythefullamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.59RecordingPurchasesatGrossInvoicePriceNow,assumethatPlayClotheswaiteduntilJuly20topaythefullamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.60ReturnsofUnsatisfactoryMerchandiseOnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisepurchasedfromKid’sClothesoncredittermsof2/10,n/30.Thepurchasewasoriginallyrecordedatnetcost.PreparethejournalentryforPlayClothes.61ReturnsofUnsatisfactoryMerchandise$500´98%=$490OnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisepurchasedfromKid’sClothesoncredittermsof2/10,n/30.Thepurchasewasoriginallyrecordedatnetcost.PreparethejournalentryforPlayClothes.62TransportationCostsonPurchases

（p.241)Transportationcostsrelatedtotheacquisitionofassetsarepartofthecostoftheassetbeingacquired.63ExerciseProblem6.4onpage258TransactionsRelatingtoSalesCredittermsandmerchandisereturnsaffecttheamountofrevenueearnedbytheseller.65SalesReturnsandAllowances

销售退回与折让OnAugust2,Kid’sClothessold$2,000ofmerchandisetoPlayClothesoncreditterms2/10,n/30.Kid’sClothesoriginallypaid$1,000forthemerchandise.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.66SalesReturnsandAllowancesOnAugust2,Kid’sClothessold$2,000ofmerchandisetoPlayClothesoncreditterms2/10,n/30.Kid’sClothesoriginallypaid$1,000forthemerchandise.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.67SalesReturnsandAllowancesOnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisetoKid’sClothesfromtheAugust2sale.Kid’sClothescostforthismerchandisewas$250.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.Contra-revenue68OnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisetoKid’sClothesfromtheAugust2sale.Kid’sClothescostforthismerchandisewas$250.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.SalesReturnsandAllowances69SalesDiscounts销售折扣OnJuly6,Kid’sClothessold$4,000ofmerchandisetoPlayClothesoncreditwithtermsof2/10,n/30.ThemerchandiseoriginallycostKid’sClothes$2,000.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.70SalesDiscountsOnJuly6,Kid’sClothessold$4,000ofmerchandisetoPlayClothesoncreditwithtermsof2/10,n/30.ThemerchandiseoriginallycostKid’sClothes$2,000.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.71SalesDiscountsOnJuly15,Kid’sClothesreceive