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54 BOOKKEEPING AND ACCOUNTING
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Adjusting Entries: (a) Supplies Expense Supplies (b) Rent Expense Prepaid Rent (c) Depreciation Expense Accumulated Depreciation (d) Salaries Expense Salaries Payable 765 765 900 900 500 500 200 200
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Introduction Purchases Adjusting Entry Procedures Worksheet Procedures Closing Entries Financial Statement Treatment Conclusion Summary Solved Problems
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There are three types of business enterprises that make up the business society: 1. Service. Companies and individuals that yield a service to the con sumer, such as lawyers, physicians, airlines, etc. 2. Manufacturing. Companies that convert raw materials into n
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56 BOOKKEEPING AND ACCOUNTING
ished products, such as housing construction companies and lumber mills. 3. Merchandising. Companies that engage in buying and selling n ished goods, such as department stores and retail establishments. This chapter examines the third type, merchandising companies.
Purchases
When the periodic inventory system is used to account for inventory, purchases of merchandise during the period are not debited to the Mer chandise Inventory account, but rather are debited to a separate account known as Purchases. This account includes only merchandise bought for resale. Other types of purchases (machinery, furniture, trucks, etc.) that are to be used in the business, rather than sold, are debited to the partic ular asset account involved and appear in the balance sheet.
Adjusting Entry Procedures
Merchandising (trading) businesses are those whose income derives largely from buying and selling goods rather than from rendering services. Inventory represents the value of goods on hand at either the begin ning or the end of the accounting period. The beginning balance is the same amount as the ending balance of the previous period. Generally, not all purchases of merchandise are sold in the same period, so unsold mer chandise must be counted and priced, and its total recorded in the ledger as Ending Inventory. The amount of this inventory is shown as an asset in the balance sheet.
Note!
The amount of goods sold during the period is shown as cost of goods sold in the income state ment.
CHAPTER 9: The Merchandising Company
Worksheet Procedures
As discussed previously, the worksheet is usually prepared in pencil on a multicolumn sheet of accounting stationery called analysis paper. On the worksheet, the ledger accounts are adjusted, balanced, and arranged in proper form for preparing nancial statements. All procedures can be re viewed quickly, and the adjusting and closing entries can be made in the formal records with less chance of error. Moreover, with the data for the income statement and balance sheet already proved out on the worksheet, these statements can be prepared more readily. For a typical merchandise business, we may suppose the worksheet to have eight money columns, namely a debit and a credit column for each of four groups of gures: trial balance, adjustments, income statement, and balance sheet. The steps in completing the worksheet are, then, sim ilar to those for a service business (refer to 8 to review the steps).
Closing Entries
The information for the month-to-month adjusting entries and the relat ed nancial statements can be obtained from the worksheet. After the in come statement and balance sheet have been pre pared from the worksheet for the last month in the scal year, a summary account known as In come Summary is set up. Then, by means of closing entries, each expense account is credited so as to produce a zero balance, and the total amount of the closed-out accounts is debited to In come Summary. Similarly, the individual revenue accounts are closed out by debiting, and the total amount is credited to the summary account. Thus, the new scal year starts with zero balances in the revenue and expense accounts, though assets, liabilities, and capi tal accounts are carried forward. Note that the Income Summary balance gives the net income or net loss for the old year. Finally, Income Sum mary is closed to the Capital account.
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