13. The following data is for a company which uses a periodic inventory system: Sales revenue = P600,000 Freight in = P42,000 Beginning inventory = P 77,000 Purchase discounts = P 9,000 Sales returns and allowances = P 33,000 Operating expenses = P 77,000 Ending inventory = P 81,000 Purchases = P 415,000 %3D Sales discounts = P 35,000 %3D Owner's, withdrawals = P 71,000 Purchase returns and allowances = P 39,000 Determine the total goods available for sale.

Q: Define the term merchandise returns.

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: What are the two types of inventory accounting systems? Briefly describe each.

A: Inventory Accounting Systems: Merchandise operation is an operation undertaken by the company to…

Q: Define inventory.

A: Inventory: Inventory consist of total of three components: raw material, work-in-process and…

Q: Describe the Issues Pertaining to the Retail Method.

A: Retail inventory method is used to calculate the value of ending inventory by comparing the retail…

Q: When recording a purchase of inventory on credit, which accounts are typically affected? A) Debit…

A: When assets or expenses increases it should be debited and when decreases it should be…

Q: determine the cost of merchandise sold.

A: The cost of merchandise sold is the cost of goods that have been sold by a wholesaler or retailer.…

Q: Provide one example of a transaction that affect  service business and  merchandise business.

A: Business refers to all those organization or company who engaged in any type of industrial,…

Q: Goods or products a company owns and expects to sell to its customers A) Sales B Merchandise…

A: Answer -  Merchandise Inventory -  Merchandise inventory means the value of goods in stock, it can…

Q: What is purpose of sales journals?

A: Sales journal: It is one form of special journal book, which records all the sales transactions that…

Q: What does the term merchandise inventory mean?   merchandise on hand, a fixed asset, merchandise…

A: Merchandise inventory means goods or inventory lying with the business either for the purpose of…

Q: Explain Retail Terminology with example.

A: Retail terminology: Retail terminology refers to the jargon or technical terms specifically used in…

Q: Define the term Retail Terminology.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is