国际会计Revenue from sales and COGS under perpetual inventory systemPPT.ppt

Revenue from sales and COGS under perpetual inventory system The entries should be recorded simultaneously; Accounts receivable……..XXX Sales……………..……..XXX COGS…………….…….YYY Merchandise inventory………YYY To record sales returns and allowances, Merchandise inventory……….XX Accounts receivable…………XX * Sales Discounts On June 8, Borey Co. sold merchandise costing $3,500 for $6,000 on account. Credit terms were 2/10, n/30. * 　 　 GENERAL JOURNAL 　 　 　 Page 3 Date 　 Description PR Debit Credit Jun 8 Accounts Receivable 　 6,000 　 　 　 　 Sales 　 　 6,000 　 　 　 　 　 　 　 　 　 Cost of Goods Sold 　 3,500 　 　 　 　 Merchandise Inventory 　 　 3,500 Sales Discounts On June 17, Borey Co. received a check for $5,880 in full payment of the June 8 sale. * 　 　 GENERAL JOURNAL　 　 　 Page 5 Date 　 Description PR Debit Credit Jun. 17 Cash 　 5,880 　 　 　 Sales Discounts 　 120 　 　 　 　 Accounts Receivable 　 　 6,000 Inventory Shrinkage Shrinkage is defined as “the loss of inventory.” Usually charged to cost of goods sold. 销售成本:cost of goods sold. * Inventory Shrinkage Suppose that Z-Mart’s Inventory account at year-end 2002 has a balance of $21,250, but that a physical count reveals only $21,000 of inventory on hand. * 　 　 GENERAL JOURNAL 　 Page 49 Date 　 Description PR Debit Credit Dec 31 Cost of Goods Sold 　 250 　 　 　 　 Merchandise Inventory 　 　 250 　 　 To adjust for $250 inventory shrinkage　 　 　 revealed by physical inventory count. Step 1: Close the Revenue Accounts to Income Summary. * Step 2: Close the Expense Accounts to Income Summary. * Step 2: Close Debit Balances in Temporary Accounts to Income Summary. * Step 3: Close Income Summary to Retained Earnings * Inventory Systems + + Beginninginventory Net cost ofpurchases Merchandiseavailable for sale Ending Inventory Cost of GoodsSold * Merchandising Cost Accounts + + BeginninginventoryYear 1 Net cost ofpurchases Merchandiseavailable for sale Ending Inv.Year 1 Cost of GoodsSold = Income Statement Be