1) Describe merchandising operations and the two types of merchandise inventory systems
a) Operating Cycle of a Merchandising Business
b) Merchandise Inventory Systems
i) Perpetual
ii) Periodic
c) Financial Statements of a Service Company and a Merchandising Company
2) Account for the purchase of merchandise inventory using a perpetual inventory system
a) Purchase of Merchandise Inventory
b) Purchase Invoice
c) Purchase Discounts
d) Purchase Returns and Allowances
e) Transportation Costs
f) FOB Terms Determine Who Pays the Freight
3) Account for the sale of merchandise inventory using a perpetual inventory system
a)
b) Sales Invoice
c) Sales Discount
d) Sales Returns and Allowances
e) Transportation Costs
f) Net Sales Revenue and Gross Profit
4) Adjust and close the accounts of a merchandising business
a) Adjusting Merchandise Inventory Based on a Physical Count
b) Closing the Accounts of a Merchandiser
c) Adjusted Trial Balance and Closing Entries
d) Worksheet for a Merchandising Business
5) Prepare a merchandiser’s financial statements
a) Single-Step Income Statement
b) Multi-Step Income Statement
6) Use the gross profit percentage to evaluate business performance
a) The Gross Profit Percentage
