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: General entry purchase return

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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: Define Sales discounts.

A: Merchandising businesses: Merchandising companies which buy goods from suppliers, or manufacturers,…

Q: What is the purpose of accounting for merchandise inventory in a retail business?

A: In the realm of retail business, merchandise inventory refers to the collection of goods or products…

Q: 1. Identify any two examples of Wholesale Merchandise Business and Retail Merchandise Business

A: Introduction:- A merchandising business, often known as merchandisers, is one of the most common…

Q: What are the differences between Consignment and vendor managed inventory? Your response should…

A: VENDOR MANAGEMENT INVENTORY                                CONSIGNMENT 1. Here supplier is…

Q: What is a merchandiser, and what is the name of the merchandise that it sells?

A: Merchandiser: A merchandiser is a business that sells goods, or merchandise, to its customers.

Q: List three accounting information system (AIS) activities for transactions categorized as selling…

A: THE PURPOSE OF ACCOUNTING INFORMATION SYSTEM (AIS) IS TO COLLECT , STORE AND PROCESS FINANCIAL  AND…

Q: It is used to show who is responsible for paying for shipping and when the title of the goods passes…

A: Payment term used to show who is responsible for paying for shipping and when the title of the goods…

Q: How to do INventory valuation with WAC method. Could you please explain this with an example…

A: Inventory valuation is done by the companies in order to find the value of the inventory that…

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: Required: Do you think that the role of Accounting is very important in a Merchandise business? If…

A: The business that are engaged in the sale of products are known are merchandise business. The main…

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: a) Discuss the reasons why a proper understanding of the free on board (FOB) terms is important when…

A: FOB is an abbreviation for free on board. Free on Board means the seller takes risk till the time…

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: Describe a situation where a merchant would use the specific identification method for recording…

A: A merchant would use specific identification method when the individual items in inventory can be…

Q: Briefly explain the similarity and difference between the merchandise inventory of a retailer and…

A: Inventory or stock are goods which can be in the form of raw materials, after processing the raw…

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 the difference between the revenue statements of a merchandiser and those of a manufacturer…

A: 1. Income Statement - An a income statement is the financial statement that shows the organization's…

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