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| | | | | Principles of Accounting , 2002 Edition
Belverd E. Needles, Jr., DePaul University
Marian Powers, Northwestern University
Susan Crosson, Santa Fe Community College
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| | Learning Objectives
Chapter 5: Merchandising Operations
- Identify the management issues related to merchandising businesses.
- Compare the income statements for service and merchandising concerns, and define the components of the merchandising income statement.
- Define and distinguish the terms of sale for merchandising transactions.
- Prepare an income statement and record merchandising transactions under the periodic inventory system.
- Prepare an income statement and record merchandising transactions under the perpetual inventory system.
- Prepare a work sheet and closing entries for a merchandising concern using the perpetual inventory system.
- Prepare a work sheet and closing entries for a merchandising concern using the periodic inventory system.
- Apply sales and purchases discounts to merchandising transactions.
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