Evaluate the cost of merchandise purchased and for sale

Assignment Help Accounting Basics

Reference no: EM131527460

Question: 1. What is the difference between the cost of merchandise purchased and the cost of merchandise available for sale? Can they be the same amount? Explain.

2. What is the difference between the cost of merchandise available for sale and the cost of merchandise sold? Can they be the same amount? Explain.

3. Name at least three accounts that would normally appear in the financial statements of a merchandising business, but would not appear in the chart of accounts of a service business.

Reference no: EM131527460

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