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Accounting for
Merchandising Businesses
Accounting, 21st Edition
Warren Reeve Fess
Continued
Operating expenses:
Selling expenses:
Sales salaries expense $56,230
Advertising expense 10,860
Depr. Expense–store equipment 3,100
Miscellaneous selling expense 630
Total selling expenses $ 70,820
Administrative expenses:
Office salaries expense $21,020
Rent expense 8,100
Depr. expense–office equipment 2,490
Insurance expense 1,910
Office supplies expense 610
Misc. administrative expense 760
Total admin. expenses 34,890
Total operating expenses 105,710
Income from operations $ 77,240
Continued
Other income and expenses:
Rent revenue $ 600
Interest expense (2,440) (1,840)
Net income $75,400
Concluded
Single-Step Income
Statement for a
Merchandising
Business
NetSolutions
Income Statement
For the Year Ended December 31, 2007
Revenues:
Net sales $708,255
Rent revenue 600
Total revenues $708,855
Expenses:
Cost of merchandise sold $525,305
Selling expenses 70,820
Administrative expenses 34,890
Interest expense 2,440
Total expenses 633,455
Net income $ 75,400
Statement of
Owner’s Equity for
a Merchandising
Business
NetSolutions
Statement of Owner’s Equity
For the Year Ended December 31, 2007
Assets
Current assets:
Cash $52,950
Accounts receivable 91,080
Merchandise inventory 62,150
Office supplies 480
Prepaid insurance 2,650
Total current assets $209,310
Continued
Property, plant, and equipment:
Land $20,000
Store equipment $27,100
Less accumulated
depreciation 5,700 21,400
Office equipment $15,570
Less accumulated
depreciation 4,720 10,850
Total property, plant, and
equipment 52,250
Total assets $261,560
Continued
Liabilities
Current liabilities:
Accounts payable $22,420
Note payable (current portion) 5,000
Salaries payable 1,140
Unearned rent 1,800
Total current liabilities $ 30,360
Long-term liabilities:
Note payable (due 2017) 20,000
Total liabilities $ 50,360
Owner’s Equity
Chris Clark, capital 211,200
Total liabilities and owner’s equity $261,560
Concluded
AKUNTANSI UNTUK PERSEDIAAN
BARANG DAGANGAN
Sistem
Sistem Perpetual
Periodik
5,000
Sistem Perpetual
Setiap transaksi yang mempengaruhi
Persediaan BD dicatat ke Perkiraan
Persediaan BD
Merchandise Inventory
Pembelian BD xx xx
xx
Retur Pembelian
xx
Diskon Pembelian
Ongkos Angkut
Pembelian
Sales Transactions
Cash Sales
JOURNAL PAGE 26
Post.
Date Description Ref. Dr Cr.
2007
1 Jan. 3 Cash 1 800 00
2 Sales 1 800 00
3 To record cash sales.
4
5
At
Credit
the end
cardofsales
the month,
(MasterCard
$48 was
or
sent
Visa)toare
cover
recorded
this service
as cashcharge.
sales.
Sales on Account
Jan. 12 Accounts Receivable—Sims Co. 510 00
Sales 510 00
Invoice No. 7172.
If buyer is allowed an
amount of time to pay, it is
known as the credit period.
Sales Discounts
Credit Terms
If invoice is
paid within Invoice for
$1,500
10 days of
Terms:
invoice date 2/10, n/30
If invoice is
Invoice for NOT paid
$1,500 within 10
Terms: days of
2/10, n/30 invoice date
$1,500 PAID
2/10,n30
Desember
2 3 4 5 6 7 8 9 10 11 12 13 14
Tak Dapat
discount
Dapat discount
Post.
Date Description Ref. Dr Cr.
2007
1 Jan. 3 Merchandise Inventory 2 510 00
2 Cash 2 510 00
3 Purchased inventory from
4 Bowen Co.
5
$60 discount
(2% x
$3,000)?
Purchase Discounts
Discount $60.00
Interest for 20 days
at the rate of 6%
on $2,940 –9.80
Savings from
borrowing $50.20
Purchase Discounts
JOURNAL PAGE 27
Post.
Date Description Ref. Dr Cr.
2007
1 Mar. 12 Merchandise Inventory 3 000 00
2 Accounts Payable—Alpha
3 Technologies 3 000 00
4
5
Fruit Express
10 Merchandise Inventory 50 00
Cash 50 00
Paid shipping cost .
Fruit Express
Perlu Adjustment
Merchandise Inventory
Shrinkage
Adjusting Entry
Dec. 31 Cost of Merchandise Sold 1 800 00
Merchandise Inventory 1 800 00
The End