Merchandising transaction explained from perspective of both the seller and purchaser including steps the merchandising transaction takes, introduction into forms and terms like purchase order, FOB shipping point and FOB destination. Merchandisers will experience being both a seller of merchandise and a purchaser of merchandise, the 2 sides of the transaction being something that can get mixed up. When recording journal entries related to merchandising transactions we need to first recognize whether we are the purchaser or seller, something obvious in real life, less so in book problems.
Why Learn Accounting – Financial Accounting / Managerial Accounting
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101 Double Entry Accounting System Explained – Accounting Equation
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101 Cash vs Accrual – Cash Method / Accrual method differenc
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101 Revenue Recognition Principle
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Double Entry Accounting System Explained – Balance Sheet
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101 Income Statement Introduction
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101 Accounting Objectives – Relevance Reliability Comparability
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101 Transaction Rules – Accounting Equation
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101 Transaction Throught Process / Steps – Accounting Equation
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101 Owner Deposits Cash Transaction Accounting Equation
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101 Work Completed for Cash Transaction Accounting Equation
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100.110 Pay Employee with Cash Transaction Accounting Equati
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200 Debits & Credits Normal Balance – Double Entry Accounting Sy
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200 Debits & Credits – One Rule to Rule Them All
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