What is recording transactions in Merchandising concern?

Q: How is total cost of goods sold and the total amount billed to customers calculated?

A: A job cost sheet is a sheet which is used to record the manufacturing costs .

Q: What are the Source documents used in a merchandising business?

A: Merchandising business is the one in which the entity deals in with goods / products.

Q: Drawing, explain how a purchase transaction on account impacts the buyer and the seller and also…

A: Purchase transaction means when one party purchases goods from another party. This transaction can…

Q: hree debit and credit Rules for Merchandising Accounts

A: The Golden Rules of Accounting   Debit The Receiver, Credit The Giver   This principle is used in…

Q: why service industry providing service and retail industry dealing in transfer and exchange goods?

A: Service Industry:-As the name suggests, it is the industry which deals in services only, although it…

Q: What is a merchandiser, and what is the name of the merchandise that it sells?

A: Merchandiser: A merchandiser is a business that sells goods, or merchandise, to its customers.

Q: A credit balance to a client’s accounts payable account representing right to receive payment for…

A: Accounts payable accounts are consisting of those supplier accounts from whom business has made…

Q: Subsidiary ledgers in merchandising business?

A: A subsidiary ledger is a subset to the general ledger and it contains the details to support a…

Q: Define and explain subsidiary ledgers in merchandising business?

A: Subsidiary ledgers are the ledgers that contain information about specific control accounts in…

Q: What is the nature of (a) a credit memo issued by the seller of merchandise, (b) a debit memo issued…

A: (a) A credit memo issued by the seller of merchandise.A credit memo is a commercial document that is…

Q: The functions of and documents generated by which of the below departments determine when a…

A: Lets understand the basics. In organization, there are various department which are inter connected…

Q: What is the business name of the vendor (seller)? How do you know this? (using the image)

A: Here in this question, we are required to answer the name of seller. Seller is the person who sells…

Q: Is it a credit memo issued by a vendor or a debit memo issued by a purchaser? What's the difference?

A: The difference will be explained:

Q: al work and

A: The cash receipts journal is the primary book maintained to keep the record of the cash received by…

Q: determine the cost of merchandise sold.

A: The cost of merchandise sold is the cost of goods that have been sold by a wholesaler or retailer.…

Q: Discuss the objects of the cut off on the sales and collection cycle.

A: The cash collection cycle is the number of days it takes to recover accounts receivable. The…

Q: Provide one example of a transaction that affect  service business and  merchandise business.

A: Business refers to all those organization or company who engaged in any type of industrial,…

Q: What is the definition of a customer?

A: A customer is an individual, firm, company or any other person who purchased goods or services from…

Q: What journal entry is required to record goods taken from inventory by the owner of a business for…

A: We have the following question: What journal entry is required to record goods taken from inventory…

Q: What document is the source for (a) debiting the accounts in the materials ledger and (b) crediting…

A: a.

Q: Why should a business engaged in merchandising always try to negotiate with its vendors, the…

A: Inventory is the detailed list of items that are present on hand. It constitute of all the finished…

Q: What is the definition net cost of purchases?

A:

Q: What items appear in financial statements of merchandising companies but not in the statements of…

A: Definition: Merchandising businesses: Merchandising companies that buy goods from suppliers, or…

Q: purchase discounts and purchase returns and allowances included in the calculation of cost of goods…

A: Discounts are of three types trade discounts, cash discounts, and purchases discounts. A trade…

Q: Explain Retail Terminology with example.

A: Retail terminology: Retail terminology refers to the jargon or technical terms specifically used in…

Q: Define the term Retail Terminology.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: In the income statement of a merchandising business, why do you think we have to categorize expenses…

A: Income Statement Income Statement shows company's revenues and expenses during a particular period

Q: What is the difference in the operating cycle of a service provider and a merchandiser?

A: Operating cycle is defined as the amount of time the company requires to use its cash in order to…

Q: What is Sales Mix and why is it used in retail operations?

A: Sales mix is the proportion of each product sold by a company as a percentage of its total sales.…

Q: Why is it important to manage inventory?

A: Given: To manage the inventory as follows,

Q: Explain the difference between external transactions and internal transactions. If a company…

A: Difference between external events, and internal events:  • External events are the events which…

Q: What purpose does a purchasing department serve?

A: Purchasing Department: The purchasing department accommodates the organization for the inventory…

Q: what kinds of issues or considerations would you address in the part of the business plan that deals…

A: Business plans are the written documents prepared by the management of a corporation that describes…

Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…

A: A data flow diagram is a flow of data that analyzes the beginning criteria and end results of a…

Q: What is a walkthrough of a sales transaction? How can the walkthrough work complement the use of an…

A: Internal control- It is a process of assuring to achieve organizational's objectives by doing…

Q: Please create an example of an Income Statement for a merchandising business.

A: SOLUTION- EXAMPLES OF AN INCOME STATEMENT FOR MERCHANDISE BUSINESS- 1-A MERCHANDISE PURCHASES GOODS…

Q: What happens when a client (buyer) returns credit-purchased goods?

A: The Answer:

Q: Explain the purpose of sales journal.

A: Journals are prepared by the company to record the monetary transactions of the company.