Chart of Accounts Merchandising Company

1759 WordsApr 6, 20128 Pages
Nature of Merchandising Business • Revenue activities of a merchandising business involve the buying and selling of merchandise. They purchase merchandise which is resold to customers. • Comparison to Service Business |Service Business |Merchandising Business | |Fees earned |Sales | |Less Operating expenses |Less Cost of merchandise sold | |=Net income |=Gross Profit…show more content…
| | |Unearned rent | | |Notes payable | |Stockholder’s Equity | | | |Capital stock | | |Retained earnings | | |Dividends | | |Income Summary | |Revenues | | | |Sales | | |Sales returns and allowances | | |Sales discounts | |Costs and Expenses | | | |Sales salaries expense |

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