Số tiền một doanh nghiệp kiếm được từ bán hàng hóa được gọi là doanh thu bán hàng Hàng tồn kho đã được bán cho khách hàng được gọi là giá vốn hàng bán | Merchandising Operations and the Accounting Cycle Chapter 5 Service Co. Income Statement Year ended June 30, 20xx Service revenue $xxx Expenses: Salary expense x Depreciation expense x Income tax expense x Net income $ xx Merchandising Co. Income Statement Year ended June 30, 20xx Sales revenue $xxx Cost of goods sold x Gross profit xx Operating expenses: Salary expense x Depreciation expense x Net income $ xx Income Statements Account for the purchase of inventory. Objective 1 Purchase of Inventory Merchant prepares purchase order Suppliers send merchandise and a bill Compares Purchase of Inventory Example On May 1, the Sporting Store acquired on account $2,000 of various items for resale. The supplier sent the merchandise along with a bill stating the quantity, price, and terms of sale. What is the journal entry? May 1 Inventory $2,000 Accounts Payable $2,000 Purchased inventory on account Inventory Accounts Payable 2,000 2,000 Purchase of Inventory Example Recording Purchase . | Merchandising Operations and the Accounting Cycle Chapter 5 Service Co. Income Statement Year ended June 30, 20xx Service revenue $xxx Expenses: Salary expense x Depreciation expense x Income tax expense x Net income $ xx Merchandising Co. Income Statement Year ended June 30, 20xx Sales revenue $xxx Cost of goods sold x Gross profit xx Operating expenses: Salary expense x Depreciation expense x Net income $ xx Income Statements Account for the purchase of inventory. Objective 1 Purchase of Inventory Merchant prepares purchase order Suppliers send merchandise and a bill Compares Purchase of Inventory Example On May 1, the Sporting Store acquired on account $2,000 of various items for resale. The supplier sent the merchandise along with a bill stating the quantity, price, and terms of sale. What is the journal entry? May 1 Inventory $2,000 Accounts Payable $2,000 Purchased inventory on account Inventory Accounts Payable 2,000 2,000 Purchase of Inventory Example Recording Purchase Returns and Allowances Example Assume that on May 4 a $100 item was returned prior to payment of the invoice. What is the journal entry? May 4 Accounts Payable 100 Inventory 100 Merchandise was returned Recording Purchase Returns and Allowances Example Assume that one of the items of merchandise is slightly damaged, and the store was given a $10 allowance. What is the journal entry? May 4 Accounts Payable 10 Inventory 10 Received a purchase allowance Recording Purchase Returns and Allowances Example Inventory 2,000 100 10 Bal. 1,890 Accounts Payable 100 2,000 10 Bal. 1,890 Purchase Discounts Credit terms are stated in expressions such as: 2/10, N/30, meaning that a discount of 2% is allowed if the invoice is paid within 10 days; otherwise the full (net) amount is due within 30 days. Purchase Discounts Example Assume the Sporting Store purchased merchandise for $1,000 with terms of 2/10, N/30. The store paid within the discount period. The 2% discount ($20) is deducted from the amount due .
