1. The following transactions occurred during the month of November in the operation of Wonderful Buy, Inc, a retailer of electronic merchandise. Record each transaction listed below to show its impact on the accounting equation in the table provided on the next page for that purpose. For any entry that impacts Retained Earnings, write a brief description in the column provided. November 4 Purchased merchandise for $5,000 on account from International Fragrance Corporation, terms: 2/10, n/60. November 16 Sold merchandise to a customer on account for $6,500, terms 2/10, n/30. The merchandise had cost Wonderful Buy's $3,200. November 18 Sold merchandise to a customer for cash, $850. The merchandise had cost Wonderful Buy's $350. November 19 Customer returned $200 of the merchandise from the sale on November 18 and was given a refund. The merchandise had cost Wonder Buy's $95. November 26 Received full amount due from the customer for the sale of November 16. November 27 Paid shipping charges on merchandise purchased on November 4, $200 November 30 Recorded the shrinkage adjustment. The inventory on hand as determined by taking a physical inventory at the end of November is $3,300. 1 Name Date For question #1a, b, and c: Assets = Liabilities + Stockholders’ Equity Accounts Merchandise Accounts Retained Description of Receivable Retained Earnings transaction Date Cash Inventory Payable Earnings 11/4 11/16 11/18 11/19 11/26 11/27 11/30

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Process Costing

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.  

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.