TAILIEUCHUNG - Lecture Accounting fundamentas (7e): Chapter 11 - Curran

Chapter 11 - Introduction to merchandising businesses: Sales. After completing this chapter, students will be able to: Describe the difference between cash, charge account, and credit card sales; compute sales tax; use credit terms; compute the cash discount and amount of payment due on an invoice; apply the procedure for handling sales returns and allowances. | CHAPTER ELEVEN INTRODUCTION TO MERCHANDISING BUSINESSES: SALES 1. Describe the difference between cash, charge account, and credit card sales. 2. Compute sales tax. 3. Use credit terms. 4. Compute the cash discount and amount of payment due on an invoice. 5. Apply the procedure for handling sales returns and allowances. INTRODUCTION TO MERCHANDISING BUSINESSES: SALES Objectives: 11- Selling at Retail Cash Sales Charge Sales Credit Card Sales Sales Tax 11- Selling at Wholesale Most selling at the wholesale level is done on credit through the use of invoices. 11- Credit Terms Credit terms listed on the invoice tell when the customer must pay for the goods. 11- Credit Terms 2/10, n/30 means: A cash discount of 2% is allowed if paid within 10 days. If not, the balance is due within 30 days. 11- Sales Returns and Allowances Sometimes a customer will return merchandise or request an allowance. The procedure for handling returns and allowances on credit sales involves

• Kế toán - Kiểm toán
• Accounting fundamentas
• Lecture Accounting fundamentas
• Nguyên lý kế toán
• Merchandising businesses
• Charge account
• Cash discount
• Trial balance
• Accounting errors
• Accounting terminology
• Accounting for purchases
• Purchases discounts
• Freight in
• Accounting equation
• Balance sheet
• Principles of accounting
• Analyze business transactions
• Net income
• The worksheet
• Financial statements
• Business transactions
• Closing the ledger
• Closing entries
• Postclosing trial balance
• Accounting cycle
• Accounting for sales
• Sales discounts
• Sales returns
• Purchases journal
• Recording transactions
• Worksheet adjustments
• Uncollectible accounts
• Owner’s equity accounts
• Form of accounts
• Account balances
• Expense accounts
• Recording revenue
• Transaction analysis
• Income statement
• General journal
• Chart of accounts
• Business’s transactions
• General ledger
• Posting reference
• Correcting errors
• Unpaid invoice file
• Purchases returns
• The sales journal
• Special journal
• Cash receipts journal
• Memorandum entry
• Cash payments journal
• Cash purchases
• Accounts receivable ledger
• Accounts receivable
• Statement of account
• Accounts payable ledger
• Schedule of accounts payable
• Notes payable
• Goods sold
• Cost of goods sold
• Ten column worksheet
• Classified balance sheet
• Adjusting entries
• Banking procedures
• Deposit slips
• Check stubs