Q1.
In this question, you need to provide an amount for each transaction.
1- A merchandising company purchases merchandise inventory on credit, the credit terms are 2/10,n/30.
2- The company pays the amount due within the purchase discount period.
Required:
A. Record the journal entries for both transactions: issuance of the invoice, payment.
B. Prepare the T-Accounts for: Accounts Payable and Merchandise Inventory.
Q2-
On your own words, talk briefly about two of the inventory costing methods, give one example of each method.
Q3.
A- Explain how to calculate the net income for merchandising companies, why is it different than calculating the net income for service companies.
B- Prepare the income Statement for Yazeed merchandising company for December 2018 that has the followings:
Sales: 1,000,000
Sales discount: 20,000
Salaries expenses: 100,000
Advertising expenses: 100,000
Sales returns and allowances: 50,000
Insurance expenses: 10,000
Costs of Goods Sold: 450,000
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