5: Accounting for the Sale of Goods
- Page ID
- 20098
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Learning Objectives
- LO1 – Describe merchandising and explain the financial statement components of sales, cost of goods sold, merchandise inventory, and gross profit; differentiate between the perpetual and periodic inventory systems.
- LO2 – Analyze and record purchase transactions for a merchandiser.
- LO3 – Analyze and record sales transactions for a merchandiser.
- LO4 – Record adjustments to merchandise inventory.
- LO5 – Explain and prepare a classified multiple-step income statement for a merchandiser.
- LO6 – Explain the closing process for a merchandiser.
- LO7 – Explain and identify the entries regarding purchase and sales transactions in a periodic inventory system.