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-0.070096... | periodic inventory system
updates and records the inventory account at certain, scheduled times at the
end of an operating cycle
perpetual inventory system
system that automatically updates and records the inventory account every
time a sale or purchase of inventory occurs
physical inventory count
manual stock c... | {"moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "sou... |
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sales discounts
reduction in the selling price offered to customers who pay their account within the discount
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 6 Merchandising Transactions
421
period; the actual account is a contra revenue account that r... | {"batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d... |
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-0.0278840... | Summary
6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
• Service companies sell intangible services and do not have inventory. Their operating cycle begins with
cash-on-hand, providing service to customers, and collecting customer payments.
• Merchandising companies resell goods t... | {"uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055... |
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-0.0534849... | • A customer receives an incentive for paying on their account early. Sales Discounts is a contra revenue
account that will reduce Sales at the end of a period.
• A customer receives a refund for returning or keeping defective merchandise. Sales returns and
allowances is a contra revenue account that will reduce Sal... | {"file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\Financial... |
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-0.0... | end of a period.
• Cost of goods sold (COGS) includes all elements of cost related to the sale of merchandise. The formula to
determine COGS if one is using the periodic inventory system, is Beginning Inventory + Net Purchases –
Ending Inventory.
• The perpetual inventory system keeps real-time data and the informa... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Styleshe... |
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-0.0201... | • A retailer can pay with cash or on credit. If paying with cash, Cash decreases. If paying on credit instead of
cash, Accounts Payable increases.
•
If a company pays for merchandise within the discount window, they debit Accounts Payable, credit
Merchandise Inventory, and credit Cash. If they pay outside the disco... | {"producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0... |
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-0.... | Accounts Payable and credit Merchandise Inventory. If the company obtains an allowance for damaged
merchandise after remitting payment, they would debit Cash and credit Merchandise Inventory.
6.4 Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System
• A customer can pay wit... | {"file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "file_size_mb": 156... |
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-0.... | company debits Cash and credits Accounts Receivable only.
•
If a customer returns merchandise before remitting payment, the company would debit Sales Returns
and Allowances and credit Accounts Receivable or Cash. The company may return the merchandise to
their inventory by debiting Merchandise Inventory and crediti... | {"producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\bus... |
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0.011083689518272877,
0.0689333900809288,
-0.03993935510516167,
-0.038856640458106995,
-0.01... | • Establishing ownership of inventory is important because it helps determine who is responsible for
shipping charges, goods in transit, and transfer points. Ownership also determines reporting
requirements for the buyer and seller. The buyer is responsible for the merchandise, and the cost of
shipping, insurance, p... | {"file_size_mb": 156.7, "uploaded_via": "batch_uploader", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74... |
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0.04390516132116318,
-0.09547465294599533,
-0.04507036879658699,
-0.041847... | until it reaches the buyer’s location. This becomes really important at year-end when each party is trying
to determine their actual balance sheet inventory accounts.
• FOB Destination means the seller is responsible for the merchandise, and the cost of shipping is expensed
immediately in the period as a delivery ex... | {"file_type": ".pdf", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\bu... |
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6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
• Multi-step income statements provide greater detail than simple income statements. The format
differentiates sales costs from operating expenses and separates other revenue and expenses from
operational activi... | {"moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "D... |
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0.026045989245176315,
0.09187058359384537,
-0.012529106810688972,
-0.013527808710932732,
-0.03... | view general company information.
• The gross profit margin ratio can show a company if they have a significant enough margin after sales
revenue and cost data are computed to cover operational costs and profit goals. If a company is not
meeting their target for this ratio, they may consider increasing prices or dec... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "titl... |
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-0.0200... | Accounts Payable and credits Cash.
•
If a company returns merchandise before remitting payment, they would debit Accounts Payable and
credit Purchase Returns and Allowances. If the company returns merchandise after remitting payment,
they would debit Cash and credit Purchase Returns and Allowances.
•
If a company... | {"file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file... |
1453a2ff-ff03-4b9e-998e-193d5c5f0227 | [
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-0.026698... | Discounts and credit Accounts Receivable. If the customer pays outside the discount window, the
•
•
company debits Cash and credits Accounts Receivable only.
If a customer returns merchandise before remitting payment, the company would debit Sales Returns
and Allowances and credit Accounts Receivable or Cash.
If ... | {"batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounti... |
52233acf-b06c-4b87-ba8f-eb248d0da574 | [
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-0.04153342917561531,
0.04853937029838562,
-0.04150... | A. accounts receivable, merchandise inventory
B. accounts payable, merchandise inventory
C. accounts payable, cash
D.
sales, accounts receivable
424
Chapter 6 Merchandising Transactions
3.
6.1 Which of the following numbers represents the discount percentage applied if a customer pays
within a discount window ... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14... |
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-0.0035447862464934587,
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... | B.
C.
D.
Inventory information is in real-time.
Inventory is automatically updated.
It allows managers to make current decisions about purchases, stock, and sales.
It is cost-prohibitive.
6.
6.2 Which of the following is an advantage of the periodic inventory system?
A.
B.
C.
D.
frequent physical inventory... | {"file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_name... |
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0.051875289529561996,
0.030952943488955498,
-0.0822363793849945,
0.036174625158309937,
-0.05... | 9.
6.3 Which of the following accounts are used when recording a purchase?
A.
cash, merchandise inventory
B. accounts payable, merchandise inventory
C. A or B
D.
cash, accounts payable
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 6 Merchandising Transactions
425
10.... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\Financia... |
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-0.07616148144006729,
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-0.040... | A. accounts payable, merchandise inventory
B. accounts payable, cash
C.
cash, merchandise inventory
D. merchandise inventory, cost of goods sold
12.
6.3 A retailer obtains a purchase allowance from the manufacturer in the amount of $600 for faulty
inventory parts. Which of the following represents the journal en... | {"uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true, "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "... |
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-0.03090... | within the discount window, how much will they remit in cash to the retailer?
A. $1,250
B. $1,200
C. $50
D. $500
426
Chapter 6 Merchandising Transactions
15.
6.4 A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize
this sales return (disregarding the merchandise cond... | {"batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type":... |
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-0.11901764571666718,
0.000447313766926527,
-0.002817... | yet remitted payment?
A.
B.
C.
17.
6.5 Which of the following is not a characteristic of FOB Destination?
A. The seller pays for shipping.
B. The seller owns goods in transit.
C. The point of transfer is when the goods leave the seller’s place of business.
D. The point of transfer is when the goods arrive at t... | {"creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.... |
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B. The buyer owns goods in transit.
C. The point of transfer is when the goods leave the seller’s place of business.
D. The point of transfer is when the goods arrive at the buyer’s place of business.
20.
6.6 A multi-step income statement ________.
A.
B.
C.
D.
separates cost of... | {"file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "file_type": "... |
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interest expense
22.
6.6 A simple income statement ________.
A.
combines all revenues into one category
B. does not combine all expenses into one category
C.
D.
separates cost of goods sold from operating expenses
separates revenues into several categories
23.
6.6 Which of the f... | {"uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "source_file": "downloads\\business\\acc... |
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0.017983589321374893,
0.037388984113931656,
-0.05184371769428253,
0.016903106123209,
-0.0683473125... | inventory parts. Which of the following represents the journal entry for this transaction, assuming the retailer
has already remitted payment?
A.
B.
C.
26.
6.7 A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize
this sales return, assuming the customer has not yet rem... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pd... |
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B.
C.
1.
2.
3.
4.
Questions
6.1 What are some benefits to a retailer for offering a discount to a customer?
6.1 What do credit terms of 4/10, n/30 mean in regard to a purchase?
6.1 What is the difference between a sales return and a sales allowance?
6.1 If a retailer made a purchase in the amount of $350 ... | {"total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "file_size_mb": 156.7, "title": "Principles ... |
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0.06971187889575958,
0.0468297116458416,
-0.021310994401574135,
0.031389061361551285,
-0.02728... | system?
8.
6.2 Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to
Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory
system?
9.
6.3 Name two situations where cash would be remitted to a retailer from a manuf... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounti... |
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0.09619785845279694,
-0.034947823733091354,
0.04549331218004227,
-0.042783286... | damaged inventory for a full refund and keep the remaining 80% of damaged inventory. What is the value of
the merchandise returned?
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 6 Merchandising Transactions
429
12.
6.4 Name two situations where cash would be remitted to a... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAcco... |
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-0.08388779312372208,
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-0.05... | merchandise for a full refund and keep the remaining 65%. What is the value of the merchandise returned?
15.
6.5 What are the main differences between FOB Destination and FOB Shipping Point?
16.
6.5 A buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms
of the purchase a... | {"batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "title": "Principles of Accounting,... |
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-0.0882... | 19.
6.6 The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and
Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit
Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
20.
6.6 What is the di... | {"file_type": ".pdf", "batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "cr... |
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0.06126300245523453,
0.05415717884898186,
-0.042962733656167984,
0.03674139082431793,
-0.06... | Sundries uses a multi-step income statement format, what is their gross margin?
23.
6.7 If a retailer purchased inventory in the amount of $680, terms 3/10, n/60, returned $120 of the
inventory for a full refund, and received an allowance for $70, how much would the discount be if the retailer
remitted payment with... | {"file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "producer": "Prince 11 (www.princ... |
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0.06601352989673615,
0.006804786156862974,
0.05139467492699623,
-0.021... | condition under a perpetual inventory system versus a periodic inventory system?
430
Chapter 6 Merchandising Transactions
Exercise Set A
EA1.
6.1 On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of
$400 per board. The cost to Bates is $140 per board. The terms of the... | {"file_type": ".pdf", "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f... |
1c2b888c-1bcf-4c9a-9808-f2aaf71ae0fd | [
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0.041021425276994705,
0.036640774458646774,
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0.023647746071219444,
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0.06347151845693588,
0.01246872078627348,
0.020614201202988625,
0.08468879759311676,
0.09116064757108688,
0.010981250554323196,
0.019637499004602432,
-0.067248... | A.
B.
the initial purchase
the subsequent payment on April 17
EA3.
6.1 Match each of the following terms with the best corresponding definition.
A. Sales allowance
i. A customer returns merchandise for a full refund
B. Purchase return
ii. A retailer receives a partial refund but keeps the defective merchandise... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "total_pages": 1055, ... |
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0.06728237867355347,
0.10469924658536911,
-0.040497325360774994,
0.08376751095056534,
-0.06... | EA4.
6.2 The following is selected information from Mars Corp. Compute net purchases, and cost of goods
sold for the month of March.
EA5.
6.2 On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each
bike cost Barrio Bikes $100. The customer had yet to pay on their accoun... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "f... |
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0.04841310903429985,
0.0813298299908638,
-0.025020364671945572,
0.033137235790491104,
-0.... | Oct. 20
Purchased 240 bushels of flowers for $20 per bushel on credit. Terms of the purchase are 5/10,
n/30, invoice dated October 20.
Oct. 30
Paid account in full from the October 20 purchase.
EA7.
6.3 Record journal entries for the following purchase transactions of Apex Industries.
Nov. 6
Purchased 24 comput... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_p... |
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0.009765399619936943,
0.012712686322629452,
0.08364559710025787,
-0.022960886359214783,
0.03196631744503975,
... | of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.
EA9.
6.4 Record journal entries for the following sales transactions of Flower Company.
Oct. 12
Sold 25 bushels of flowers to a customer for $1,000 cash; cost of sale $700.
Oct. 21
Sold 40 bushels of flowers for $30 per bush... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fb... |
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0.0939345434308052,
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0.04665016755461693,
0.08136985450983047,
-0.020475218072533607,
0.017529312521219254,
0.0... | computers to their inventory at full cost of $560 per computer.
Nov. 21
The customer paid their account in full from the November 7 sale.
EA11.
6.4 Record the journal entry or entries for each of the following sales transactions. Glow Industries
sells 240 strobe lights at $40 per light to a customer on May 9. The ... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "cre... |
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0.01781465671956539,
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-0.016383284702897072,
0.009983... | May 10 Mequon’s Boutique purchases $2,400 worth of merchandise with cash from a manufacturer.
Shipping charges are an extra $130 cash. Terms of the purchase are FOB Shipping Point.
May 14 Mequon’s Boutique sells $3,000 worth of merchandise to a customer who pays with cash. The
merchandise has a cost to Mequon’s of $... | {"batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf",... |
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-0.08438961207866669,
-0.01943114586174488,
-0... | merchandise has a cost to Letter Depot of $2,860. Shipping charges are an extra $440 cash.
Terms of the sale are 3/15, n/50, FOB Destination, invoice dated March 20.
EA14.
6.5 Review the following situations and record any necessary journal entries for Nine Lives Inc.
Jan. 15
Nine Lives Inc. purchases $8,770 worth... | {"file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Styl... |
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... | A. Use the data provided to compute net sales for 2019.
B. Prepare a simple income statement for the year ended December 31, 2019.
C. Compute the gross margin for 2019.
D. Prepare a multi-step income statement for the year ended December 31, 2019.
This OpenStax book is available for free at http://cnx.org/content/c... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "s... |
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-0.028877858072519302,
0.04593431577086449,
-0.... | C. On October 30, Flower Company paid its account in full for the October 20 purchase.
EA17.
6.7 Record journal entries for the following purchase transactions of Apex Industries.
Nov. 6
Purchased 24 computers on credit for $560 per computer. Terms of the purchase are 4/10, n/60,
invoice dated November 6.
Nov. 10... | {"creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\ac... |
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0.09252796322107315,
-0.032437264919281006,
0.035226888954639435,
0.07958795875310898,
-0.042559850960969925,
0.023754946887493134,
... | Nov. 21
The customer paid their account in full from the November 7 sale.
EA19.
6.7 Record the journal entry or entries for each of the following sales transactions. Glow Industries
sells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light. The terms of
the sale are 5/15, n... | {"total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "file_type": ".pdf", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "file_name": "FinancialAccounting... |
55a82006-0d97-4f67-91ec-c16738ead4df | [
-0.02450636215507984,
0.07213709503412247,
0.018457241356372833,
-0.060999736189842224,
-0.04011591151356697,
0.0024677286855876446,
0.0480937734246254,
0.06491469591856003,
0.017519740387797356,
0.03216533735394478,
0.11566009372472763,
-0.06884900480508804,
0.03360478952527046,
-0.048245... | 1. Create the journal entries for Lupita to recognize the following transactions.
A.
B.
the initial sale
the subsequent customer payment on July 12
EB2.
6.1 Ariel Enterprises purchases 32 cellular telephones on credit from a manufacturer on November 3
at a price of $400 per phone. Terms of the purchase are 3/5, ... | {"batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "total_pages": 1055, "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.co... |
dd03311f-c070-4869-8a57-895863036e31 | [
-0.025882938876748085,
0.11004340648651123,
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0.09751957654953003,
0.036337677389383316,
-0.012494785711169243,
0.06729912012815475,
0.1036890521645546,
-0.1033392921090126,
0.08871052414178848,
-0.0341084... | _____ and crediting _______.
B. A retailer pays for purchased merchandise within the discount window. The retailer would recognize
this transaction by debiting ________ and crediting _________ and ________.
C. A customer returns merchandise to the retailer and receives a full refund. The retailer would recognize
th... | {"file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e... |
7ea58503-56cf-4019-8c32-9a3a1412672c | [
0.0015535320853814483,
0.0412047915160656,
-0.013073484413325787,
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0.038404423743486404,
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0.02050149068236351,
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0.030896402895450592,
0.07652916759252548,
-0.02059232071042061,
0.016668161377310753,
-0.026... | n/30, with an invoice date of April 20. On April 26, Barrio Bikes pays in full for the purchase. Prepare the journal
entry or entries to recognize the purchase and subsequent payment if Barrio Bikes uses:
A.
B.
the perpetual inventory system
the periodic inventory system
EB6.
6.3 Blue Barns purchased 888 gallons... | {"moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V... |
84dd6620-3bdf-4aa8-b7a0-271b3c641570 | [
0.026306938380002975,
0.08712707459926605,
0.02512192167341709,
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0.04696454107761383,
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0.02656622976064682,
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0.01179530844092369,
0.029996106401085854,
-0.017077194526791573,
-0.03679812327027321,
-0.00... | account in full on December 16. On December 21, Canary discovers 34 of the parts are the wrong size but
decides to keep them after the supplier gives Canary an allowance of $1.00 per part. Record the journal entries
to recognize these transactions for Canary Lawnmowers.
EB8.
6.3 Record journal entries for the follo... | {"file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14a... |
f3b00231-9d9e-439d-a331-08829db8a160 | [
0.021788954734802246,
0.07145486772060394,
0.01589510403573513,
-0.04728923365473747,
0.0048272996209561825,
-0.05756714195013046,
-0.05058605223894119,
0.016389235854148865,
-0.05926347151398659,
0.01618504710495472,
0.03872451186180115,
-0.019779667258262634,
-0.02445269376039505,
0.0084... | gallon to Blue Barns. Terms of the sale are 2/15, n/45, invoice dated July 6. The customer pays their account in
full on July 24. On July 28, the customer discovers 17 gallons are the wrong color and returns the paint for a full
cash refund. Blue Barns returns the gallons to their inventory at the original cost per g... | {"file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounti... |
b400e0f2-0330-4646-a3ca-ed1a25bf9002 | [
-0.017665844410657883,
0.021980104967951775,
-0.03998026251792908,
0.00878270622342825,
0.0062241279520094395,
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0.023991839960217476,
0.060139089822769165,
-0.07701407372951508,
0.05740475654602051,
0.062348153442144394,
-0.029238976538181305,
-0.07344768196344376,
0.0... | the journal entries to recognize these transactions for Canary Lawnmowers.
EB11.
6.4 Record journal entries for the following sales transactions of Balloon Depot.
Mar. 8
Sold 570 balloon bundles to a customer on credit for $38 per bundle. The cost to Balloon Depot
was $25 per bundle. Terms of the sale are 3/10, n/... | {"file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "source_file": "downloa... |
1d39b324-0460-44a2-aade-e61b5ec05dae | [
0.022637616842985153,
-0.013182222843170166,
-0.09179291874170303,
0.021506881341338158,
0.022168651223182678,
-0.004479280672967434,
-0.032902006059885025,
0.10327306389808655,
-0.05242002010345459,
0.07873345166444778,
0.026519767940044403,
-0.1002996563911438,
-0.04090595245361328,
0.02... | charges are an extra $210 cash. Terms of the purchase are FOB Destination.
Feb. 19
Lumber Farm sells $5,670 worth of merchandise to a customer who pays with cash. The
merchandise has a cost to Lumber Farm of $2,200. Shipping charges are an extra $230 cash.
Terms of the sale are FOB Destination.
EB13.
6.5 Review t... | {"file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.... |
8d2b4fa6-493d-4f02-a2f1-4891f5d7ada9 | [
0.0520906075835228,
0.06864641606807709,
-0.025286337360739708,
-0.026358427479863167,
0.008167064748704433,
0.01644674316048622,
0.000684378610458225,
0.0997326597571373,
-0.06369346380233765,
0.03410976007580757,
-0.0073423017747700214,
-0.13244479894638062,
0.002220134949311614,
-0.0175... | Terms of the sale are 3/15, n/30, FOB Shipping Point, invoice dated June 18.
EB14.
6.5 Review the following situations and record any necessary journal entries for Wall World.
Dec. 6
Wall World purchases $5,510 worth of merchandise on credit from a manufacturer. Shipping
charges are an extra $146 cash. Terms of th... | {"creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07... |
2b9bec71-8e86-41e0-a053-dbf8591e94ff | [
-0.00474851718172431,
0.07375072687864304,
0.0005880688549950719,
-0.01903022825717926,
-0.02408202737569809,
-0.02600518986582756,
-0.030035672709345818,
0.02523026056587696,
-0.06104186177253723,
0.014936324208974838,
0.08116185665130615,
-0.052247676998376846,
-0.06375683099031448,
-0.0... | A. Use the data provided to compute net sales for 2019.
B. Prepare a simple income statement for the year ended December 31, 2019.
C. Compute the gross margin for 2019.
D. Prepare a multi-step income statement for the year ended December 31, 2019.
EB16.
6.7 Canary Lawnmowers purchased 300 lawnmower parts at $3.50 ... | {"creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_ha... |
e90fd684-2a15-4b7a-a6f8-48fb1e2fd640 | [
-0.004757668357342482,
0.06964161247015,
0.008130121976137161,
0.006152408663183451,
-0.02517632022500038,
-0.0392964743077755,
-0.03740670531988144,
0.0409214086830616,
-0.08394873887300491,
0.03117293491959572,
0.0721195861697197,
-0.030975084751844406,
-0.06270802766084671,
0.0055265990... | Feb. 8
Purchased 3,000 balloon bundles on credit for $25 per bundle. Terms of the purchase are 2/10,
n/30, invoice dated February 8.
Feb. 11
Returned 450 defective bundles for a full refund from the manufacturer.
Feb. 18
Paid account in full from the February 8 purchase.
EB18.
6.7 Canary Lawnmowers sold 75 lawn... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccount... |
2af309c2-c3d0-4364-87e3-4c772b11f0a3 | [
-0.01605701819062233,
0.057086966931819916,
0.01428505964577198,
0.016793714836239815,
0.017290741205215454,
0.04677870497107506,
-0.03912373632192612,
0.013245182111859322,
-0.008674864657223225,
0.06627708673477173,
0.05016964673995972,
-0.03350766748189926,
0.0652654767036438,
0.0019817... | EB19.
6.7 Record journal entries for the following sales transactions of Balloon Depot.
Mar. 8
Sold 570 balloon bundles to a customer on credit for $38 per bundle. The cost to Balloon Depot
is $25 per bundle. Terms of the sale are 3/10, n/30, invoice dated March 8.
Mar. 11
The customer returned 70 bundles for a f... | {"moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "creatio... |
91794f23-118e-448c-aafc-899a66f0eda1 | [
-0.011972613632678986,
0.03458460047841072,
0.0067372992634773254,
-0.012344254180788994,
-0.08090265095233917,
0.03390885144472122,
-0.05563133955001831,
-0.01989259384572506,
0.00375428912229836,
0.07398954778909683,
0.01997048407793045,
-0.014675975777208805,
0.12383774667978287,
0.0011... | couches cost Furniture Warehouse $150 each.
B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the
original cost.
C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000.
D. Aug. 18: Customer paid their account in full wi... | {"file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "total_pages": 10... |
aa66a87b-fe43-4364-a703-0dd230c2ad01 | [
-0.01887769252061844,
0.08030883967876434,
0.009104760363698006,
-0.05611738562583923,
-0.011986528523266315,
0.04039023816585541,
-0.001044522156007588,
0.017619362100958824,
-0.05392416566610336,
0.021559884771704674,
0.08527588099241257,
-0.026419324800372124,
0.03178279846906662,
-0.01... | D. May 22: Customer paid their account in full with cash.
PA3.
6.2 Costume Warehouse sells costumes and accessories. Review the following transactions and
prepare the journal entry or entries if Costume Warehouse uses:
A.
B.
the perpetual inventory system
the periodic inventory system
May 3
A customer purchase... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Fin... |
1126028f-a6ba-4dab-a272-d09e69b826e5 | [
-0.004730654414743185,
0.043003495782613754,
0.013816200196743011,
-0.08928890526294708,
-0.03899190574884415,
0.0009557283483445644,
0.012205444276332855,
0.04912777617573738,
0.03862811625003815,
0.020609531551599503,
0.004220245406031609,
-0.007373352535068989,
-0.019344571977853775,
-0... | PA4.
6.2 Pharmaceutical Supplies sells medical supplies to customers. Review the following transactions
and prepare the journal entry or entries if Pharmaceutical Supplies uses:
A.
B.
the perpetual inventory system
the periodic inventory system
Jul. 9
A customer purchases 50 pairs of crutches at a sales price o... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "sour... |
ed61f156-b4d6-440f-9d42-12f4fb444547 | [
0.002932234900072217,
-0.018813077360391617,
0.058641381561756134,
-0.022056154906749725,
-0.06271251291036606,
0.01387073565274477,
0.014961706474423409,
-0.10283458232879639,
-0.00833337102085352,
0.0193638876080513,
0.002677143784239888,
-0.04827461019158363,
-0.052400410175323486,
-0.0... | PA5.
6.3 Review the following transactions for Birdy Birdhouses and record any required journal entries.
Sep. 6
Birdy Birdhouses purchases 55 birdhouses at $40 each with cash.
Sep. 8
Birdy Birdhouses purchases 80 birdhouses at $45 each on credit. Terms of the purchase are 2/10,
n/30, invoice date September 8.
Se... | {"creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": true, "total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting... |
46d10ca9-3151-4b90-8191-22bab9776d21 | [
-0.025580475106835365,
-0.024693286046385765,
0.05792403966188431,
-0.020431002601981163,
-0.10448799282312393,
0.029929444193840027,
-0.019975585862994194,
-0.004836642649024725,
0.02190692536532879,
0.008311870507895947,
0.03316376358270645,
-0.040263038128614426,
-0.02205747552216053,
-... | all purchase transactions are with the same supplier.
Nov. 5
Dish Mart purchases 26 sets of dishes for $460 per set with cash.
Nov. 9
Dish Mart purchases 30 sets of dishes for $430 per set on credit. Terms of the purchase are 10/
15, n/60, invoice date November 9.
Nov. 13
Dish Mart discovers 5 of the dish sets a... | {"file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timesta... |
3518f7fb-7316-424f-8826-767b692a07e9 | [
0.0527881383895874,
-0.012918354012072086,
0.02549140900373459,
-0.008256661705672741,
-0.0593135692179203,
-0.008454514667391777,
0.005901130381971598,
-0.06858032196760178,
0.020337337628006935,
-0.0011846651323139668,
-0.022827962413430214,
-0.05105047672986984,
-0.03612878918647766,
-0... | granted an allowance of $50 per set for the November 14 dish sets and $75 per set for the
November 5 dish sets. Dish Mart and the supplier have agreed to reduce the amount Dish Mart
has outstanding debt, instead of sending a separate check for the November 5 allowance in
cash.
Nov. 24
Dish Mart pays their account ... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb... |
5b7709e7-7ed9-4e9e-a412-3cb64a067a94 | [
0.026215236634016037,
-0.014542508870363235,
0.029645495116710663,
-0.019895726814866066,
-0.04358320310711861,
0.010913420468568802,
0.0001151383257820271,
-0.0560644306242466,
0.02787540853023529,
-0.01923900842666626,
-0.00540014635771513,
-0.052029285579919815,
-0.012115824967622757,
0... | for cash. The cost to Birdy is $46 per birdhouse.
Aug. 12
Birdy Birdhouses sells 30 birdhouses to customer Julia Brand at a price of $68 each on credit.
The cost of sale for Birdy is $44 per birdhouse. Terms of the sale are 2/10, n/30, invoice date
August 12.
Aug. 14
Julia discovers 6 of the birdhouses are slight... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "bat... |
76aa0da2-d4f7-46c9-9321-cf39592ec4ef | [
-0.011607140302658081,
-0.04779413342475891,
0.05158858373761177,
-0.003882776712998748,
-0.1364019811153412,
0.038763634860515594,
-0.023437684401869774,
0.01814967580139637,
0.022205587476491928,
-0.02513374760746956,
0.012526641599833965,
-0.03517162427306175,
0.0000424909230787307,
-0.... | PA8.
6.4 Review the following sales transactions for Dish Mart and record any required journal entries. Note
that all sales transactions are with the same customer, Emma Purcell.
Mar. 5
Dish Mart made a cash sale of 13 sets of dishes at a price of $700 per set to customer Emma
Purcell. The cost per set is $460 to ... | {"uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Vol... |
973b8d05-b199-4a12-b43c-2a98a1d8571c | [
-0.0008924773428589106,
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... | per set. Terms of the sale are 5/10, n/60, invoice date March 14.
Mar. 15
Emma discovers that 3 of the dish sets from the March 14 purchase, and 7 of the dish sets from
the March 5 sale are missing a few dishes, but keeps them since Dish Mart granted an allowance
of $2,670 for all 10 dish sets. Dish Mart and Emma h... | {"file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "total_pages": ... |
2db334f3-f3d3-4ef1-a53f-59d1f4ff80b7 | [
0.03511491417884827,
0.06104264408349991,
-0.031165001913905144,
0.017285030335187912,
-0.04199962690472603,
0.03614678606390953,
-0.07211790233850479,
0.06377732753753662,
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0.06422286480665207,
0.030608078464865685,
-0.1007532998919487,
-0.03500444069504738,
-0.05108... | per chair and are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping
Point, invoice dated August 3.
Aug. 7
Purchased 30 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $4.50
cash per chair and are not subject to discount. Terms of the purchase are FOB Destination... | {"uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "... |
827fb14f-041c-4a89-9f3a-5959fc807abd | [
0.045979660004377365,
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0.02016286365687847,
-0.0014876913046464324,
-0.039110854268074036,
-0.04115022718906402... | This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 6 Merchandising Transactions
441
PA11.
6.6 The following is the adjusted trial balance data for Emma’s Alterations as of December 31, 2019.
A. Use the data provided to compute net sales for 2019.
B. Compute the gross margin fo... | {"creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "uploaded_via": "batch_uploader", "batch_upload": true, "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2... |
74ede243-a373-409d-acd0-556d3b017d9a | [
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0.010815128684043884,
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... | n/30, invoice date September 8.
Sep. 10
Birdy discovers 12 of the birdhouses are damaged from the Sept 6 purchase and returns them to
the supplier for a full refund. Birdy also discovers that 11 of the birdhouses from the Sept 8
purchase are painted the wrong color but keeps them since the supplier granted an allow... | {"moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "file_t... |
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... | Purcell. The cost per set is $460 to Dish Mart.
Mar. 9
Dish Mart sold 23 sets of dishes to Emma for $650 per set on credit, at a cost to Dish Mart of
$435 per set. Terms of the sale are 10/15, n/60, invoice date March 9.
Mar. 13
Emma discovers 8 of the dish sets are damaged from the March 9 sale and returns them t... | {"moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", ... |
8c8bbffc-3356-4810-ab5a-209ce7f2ef38 | [
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0.07187621295452118,
-0.0... | of $200 per set for all 10 dish sets. Dish Mart and Emma have agreed to reduce the amount Dish
Mart has outstanding instead of sending a separate check for the March 5 allowance in cash.
Mar. 24
Emma Purcell pays her account in full for all outstanding purchases, less any returns,
allowances, and/or discounts.
B P... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "file_size_... |
447f69be-f0de-49b3-be24-ee3f4bc40eab | [
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0.03135528787970543,
0.05339878052473068,
-0.05456733703613281,
0.07367253303527832,
-0.... | PB2.
6.1 Record journal entries for the following transactions of Mason Suppliers.
A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/
20, n/60, invoice date September 8.
B. Sep. 12: Mason Suppliers returned 8 hammers for a full refund.
C.
Sep. 16: Mason Suppliers... | {"file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "file_hash... |
04088b48-a525-4a2a-b9cc-c7602ab9caa5 | [
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0.04032447561621666,
-0.028048202395439148,
0.07077259570360184,
0.00428821099922061,
0.010702140629291534,
0.0590529702603817,
-0.017825966700911522,
0.051967818289995193,
-0.022... | Warehouse uses
A.
B.
the perpetual inventory system
the periodic inventory system
Jun. 4
Costume Warehouse purchases 88 costumes on credit at a purchase price of $15 per costume.
The terms of the purchase are 5/15, n/30, with an invoice date of June 4.
Jun. 12
Costume Warehouse returns 20 costumes to the manuf... | {"file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "total_pages": 1055, "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "download... |
d5bf6369-e4cb-407c-91a5-6cc91c28ce59 | [
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0.048021573573350906,
0.03097151778638363,
-0.04179544001817703,
-0.0736657977104187,
0.00557... | Apr. 7
Pharmaceutical Supplies purchases 50 medical stands on credit at a purchase price of $15 per
stand. The terms of the purchase are 5/10, n/45, with an invoice date of April 7.
Apr. 11
Pharmaceutical Supplies returns 18 stands to the manufacturer for a full refund.
Apr. 17
Pharmaceutical Supplies pays in ful... | {"batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "... |
aec9defb-83fc-4f13-95c1-8d980b74c5be | [
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0.03523498773574829,
0.060229815542697906,
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-0.038429684937000275,
... | them to the supplier for a full refund. April also discovers that 32 of the fishing poles from the
October 5 purchase are the wrong length but keeps them since the supplier granted an
allowance of $15 per fishing pole.
Oct. 24
April pays their account in full from the October 5 purchase, less any returns, allowance... | {"file_type": ".pdf", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounti... |
46211f94-fbae-4366-8814-9d49dec6c700 | [
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0.01261142548173666,
0.03044603206217289,
-0.02256680093705654,
-0.01999809965491295,
-0.... | 15, n/60, invoice date November 9.
Nov. 13
Dish Mart discovers 15 of the cutlery sets are damaged from the November 9 purchase and
returns them to the supplier for a full refund.
Nov. 14
Dish Mart purchases 30 sets of cutlery for $130 per set on credit. Terms of the purchase are 5/
10, n/60, invoice date November... | {"total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.... |
d027be76-7fff-470f-88df-bf7106e6500f | [
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0.05587519332766533,
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0.049665581434965134,
0.03779655694961548,
-0.05580522492527962,
-0.07636961340904236,
-0.... | allowance in cash.
Nov. 24
Dish Mart pays their account in full for all outstanding purchases, less any returns, allowances,
and/or discounts.
PB7.
6.4 Review the following sales transactions for April Anglers and record any required journal entries.
Oct. 4
April Anglers made a cash sale of 40 fishing poles to c... | {"creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "total_pages": 1055, "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3... |
5c8e923a-d6ea-4bf7-acc3-34da553048eb | [
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0.0025432163383811712,
0.03125857189297676,
-0.0034618363715708256,
-0.0025896679144352674,
0.010075240395963192,
-0.07257585972547531,
-0.029833821579813957,
... | discovers that 6 of the fishing poles from the October 5 purchase are the wrong color but keeps
them since April granted an allowance of $18 per fishing pole.
Oct. 24
April pays their account in full from the October 5 purchase, less any returns, allowances, and/or
discounts.
This OpenStax book is available for fr... | {"moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "file_name": ... |
3562fb68-2887-4b14-a30d-5ab2126f0197 | [
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0.012060157023370266,
-0.05058862641453743,
-0.015624883584678173,
-0... | Dish Mart sells 14 sets of cutlery to Bella Davies on credit for $345 per set. The cost per set to
Dish Mart is $120 per set. Terms of the sale are 2/15, n/60, invoice date April 9.
Apr. 13
Bella returns nine of the cutlery sets from the April 9 sale to Dish Mart for a full refund. Dish Mart
restores the cutlery to... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "batch_upload": true, "total_pages": 1055, "file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\Financia... |
c3a13beb-26aa-47c6-904b-86d27b0a9a69 | [
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0.04084813967347145,
0.020802320912480354,
-0.08266756683588028,
-0.028593983501195908,
... | amount Bella has outstanding instead of sending a separate check for the April 5 allowance in
cash.
Apr. 28
Bella Davies pays her account in full for all outstanding purchases, less any returns, allowances,
and/or discounts.
PB9.
6.5 Record the following purchase transactions of Custom Kitchens Inc.
Oct. 6
Purc... | {"uploaded_via": "batch_uploader", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631b... |
0b0a8c8b-f5ad-4dab-b9d3-1535c8e62fd4 | [
0.04750845953822136,
0.016932150349020958,
-0.023055749014019966,
-0.015246396884322166,
-0.05215463787317276,
-0.0005292687565088272,
-0.014244584366679192,
0.0030178260058164597,
0.01620353013277054,
0.04978463426232338,
0.043895985931158066,
-0.08210039883852005,
-0.00235395017080009,
-... | Oct. 20
Custom Kitchens Inc. pays in full for their purchase from October 6.
PB10.
6.5 Record the following sales transactions of Money Office Supplies.
Apr. 4
Made a cash sale to a customer for 15 chairs at a sales price of $80 per chair. The cost to Money
Office Supplies is $55 per chair. Shipping charges are a... | {"file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0... |
f6777a2f-af46-453b-bd6f-7576c969f4c7 | [
0.06925199925899506,
-0.012257740832865238,
-0.013681679032742977,
-0.014867262914776802,
-0.036047860980033875,
-0.016218462958931923,
-0.028096091002225876,
0.03748217970132828,
0.00994050782173872,
0.0627269521355629,
0.030209489166736603,
-0.05288607254624367,
-0.014437416568398476,
-0... | Apr. 19
The customer pays in full for their purchase on April 9.
446
Chapter 6 Merchandising Transactions
PB11.
6.5 Record the following sales transactions of Custom Kitchens Inc.
Nov. 12 Made a cash sale to a customer for 34 cabinet doors at a sales price of $72 per door. The cost to
Custom Kitchens Inc. is $46... | {"file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "file_type": ".pd... |
8bc942ea-b431-4f54-b391-31c49309a670 | [
0.007121185306459665,
0.06059631332755089,
0.003961462993174791,
-0.011708306148648262,
-0.036091770976781845,
0.03925028070807457,
-0.0785609558224678,
0.07003884017467499,
-0.05690378323197365,
0.002359182108193636,
0.022144174203276634,
0.002226976677775383,
-0.023274147883057594,
-0.09... | PB12.
6.6 The following is the adjusted trial balance data for Elm Connections as of December 31, 2019.
A. Use the data provided to compute net sales for 2019.
B. Compute the gross margin for 2019.
C. Compute the gross profit margin ratio (rounded to nearest hundredth)
D. Prepare a simple income statement for the ... | {"file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "title": "Principles of Accounting, V... |
4dd79ceb-dee3-40d4-bf06-144e9e5f6440 | [
-0.10511013120412827,
0.06686951965093613,
-0.0027999409940093756,
-0.01946108601987362,
0.030470283702015877,
-0.015178453177213669,
0.02688710391521454,
0.05797681212425232,
-0.048698484897613525,
0.05453896149992943,
0.05499954894185066,
-0.08901999890804291,
-0.08460181206464767,
-0.01... | D. Prepare a simple income statement for the year ended December 31, 2019.
E. Prepare a multi-step income statement for the year ended December 31, 2019.
PB14.
6.7 Review the following transactions for April Anglers and record any required journal entries.
Oct. 4
April Anglers purchases 82 fishing poles at $33 eac... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upl... |
73e0c77c-edf2-403f-b501-fb054d3c226d | [
-0.01602165959775448,
-0.03260839730501175,
0.019644644111394882,
0.009290271438658237,
-0.09983588755130768,
0.03482713922858238,
-0.02345474623143673,
0.014192027039825916,
0.01558125950396061,
-0.0015833073994144797,
0.02801840752363205,
-0.05150055140256882,
-0.018200108781456947,
-0.0... | Oct. 24
April pays their account in full from the October 5 purchase, less any returns, allowances, and/or
discounts.
448
Chapter 6 Merchandising Transactions
PB15.
6.7 Review the following sales transactions for Dish Mart and record any required journal entries.
Note that all sales transactions are with the sam... | {"producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "file_typ... |
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Bella purchases 18 sets of cutlery for $275 per set on credit, at a cost to Dish Mart of $124 per
set. Terms of the sale are 2/10, n/60, invoice date April 14.
Apr. 15
Bella discovers that 5 of the cutlery sets from the April 14 purchase and 10 of the cutlery sets
from the April 5 purchase are missing a fe... | {"file_type": ".pdf", "uploaded_via": "batch_uploader", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "c... |
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• Which company did you choose? What do they sell?
• What is a trade discount?
• What products are subject to a trade discount?
• Describe the discount terms/program in detail. Give examples.
• Are there any restrictions?
• What incentive does this company have to give a trade discount?
• How does thi... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "Fi... |
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-0.02... | system. Write an evaluation paper comparing the perpetual and periodic inventory systems. Describe the
benefits and challenges of each system as it relates to your industry and to your business size. Compare at
least one example transaction using the perpetual and periodic inventory systems (a purchase transaction, f... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "total_pages": 1055, "file_size... |
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• Your company information
• Date of sale
• Your customer’s information
• An example product you sell with name, description, price per unit, and number of units sold
• Terms of sale including credit terms and shipping charges, with numerical figures for shipping charges
• Any contract... | {"file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833... |
d2dd3f19-76dc-4c78-97bf-c54f07d81137 | [
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... | answer the following questions.
• What company did you choose, and which income statement format do they use (multi-step, simple, or
combination)?
• What information is included on the statement?
• Do you agree with the format presentation? Why or why not?
• What are the benefits and limitations with the income st... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-... |
cb5152e6-6321-4dc1-a934-0184e6eaf0b9 | [
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-0.0... | • What are some of the advantages and disadvantages to the periodic inventory method?
• What other types of businesses may use the periodic inventory method rather than the perpetual
method?
450
Chapter 6 Merchandising Transactions
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
7
... | {"file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "file_size_mb": 156.7, "total_pages": 1055, "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "source_file": "downloads\\business\\accounting\... |
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0.0417... | 7.4 Prepare a Subsidiary Ledger
7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information
Systems
Why It Matters
Shane was a talented tennis player at his university. He had a hard time finding a job in his field upon
graduation. While he worked toward finding employment, h... | {"uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:... |
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0.00422771... | all along, either manually in some sort of ledger or electronically on his computer.
Rather quickly, his student pool grew. Some clients paid up front for lessons, others paid after a few lessons
were complete, and still others were not sure if they had paid yet. These various payment methods created a
record-keepin... | {"creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a83... |
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revenues as well as new expenses. He needed a better system to keep track of the financial aspects of his
business.
A friend told him he needed an accounting information system to organize the financial aspects of his
business and to allow him to measure the financial perfor... | {"moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "source": "downloads\\busines... |
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-0.013... | 7.1 Define and Describe the Components of an Accounting Information
System
Today, when we refer to an accounting information system (AIS), we usually mean a computerized
accounting system, because computers and computer software that help us process accounting transactions
have become relatively inexpensive. The be... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAcco... |
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Manual and Computerized Accounting Information Systems
Interestingly, the term accounting information system predates computers. Technically, an AIS is a system or set
of processes for collecting data about accounting transactions; recording, organizing, and summarizing the
d... | {"batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialA... |
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-0.030518... | before computers existed, they used manual accounting systems to gather the data needed. Data is the term
for parts of accounting transactions that constitute the input to an AIS. You have examined many forms of
data in this course, for example, the cash received upon the sale of an item is one data point, the reduct... | {"moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "total_pages": 1055, "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1... |
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-0.0... | important to remember that a computerized accounting system does not change what we do with accounting
transactions, it only changes how we do it, and how we can present the information to different users.
Let’s consider the example of a company that came into existence before we had computers, the department
store ... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_size_mb": 156.7, "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "... |
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• purchase merchandise inventory to sell to customers;
•
•
•
•
•
record returns of some of the inventory;
record sales made to customers at the sales price;
record the cost of the goods sold at the amount Macy’s paid to purchase them;
record payments from customers;
record returns from customers;
• purc... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "uploaded_via": "batch_uploader", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "Financi... |
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in assessing various performance measures needed to evaluate the success of the company.
As you might imagine, doing all this without computers is quite different than performing these tasks with the
aid of com... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "202... |
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C O N C E P T S I N P R A C T I C E
Modernization of Accounting Systems
In 1955, in one of the earliest uses of a true computer to facilitate accounting tasks, General Electric
Company used a UNIVAC computer to process its payroll. Initially it took the computer fort... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "file_size_mb": 156.7, "modd... |
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-0.03... | was done manually or using a variety of less-advanced computer systems in conjunction with manual
systems. Imagine the number of bookkeepers it would take to record the transactions of many
companies. For example, on the first day of business at Macy’s in 1858, the store had revenues of
$11.06.[1] The actual accounti... | {"file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creato... |
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-0.03469... | Total revenues were $11.06 or a little over $340 in today’s dollars. (credit: used with permission of Macy’s
Corporation)
Today, Macy’s and other large and small companies perform the same accounting tasks using computer
hardware (computers, printers, and keyboards), and software. For example, cashiers can enter
tr... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "up... |
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-0.0... | for a small business and you will be asked to first enter the transactions manually into the appropriate journal,
post the information from the journals to the general ledger, prepare trial balances, adjusting and closing
entries, and manually produce financial statements just as Macy’s or any other business would ha... | {"creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "creator"... |
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-0.012... | ERP system integrates all of the company’s computerized systems including accounting systems and
nonaccounting systems. That is, large companies have various accounting subsystems such as the revenue
system (sales/accounts receivable/cash receipts), the expenditure system (purchasing/accounts payable/cash
disburseme... | {"uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAcco... |
f8cfbc03-ab35-4844-b0fa-ff0e9aeaa1b8 | [
-0.051255010068416595,
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0.014310598373413086,
-0.02981993369758129,
0.032568927854299545,
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0.13140244781970978,
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-0.069... | modules. Examples of popular ERP software systems are PeopleSoft and SAP.
Like many businesses today, Macy’s also maintains a company website and engages in e-commerce by
offering the sale of many company products online. Accounting software companies like QuickBooks and
larger software vendors have upgraded the way... | {"creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "s... |
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