Explain in detail about the merchandise inventory, Accounting Basics

Assignment Help:

Explain in detail about the MERCHANDISE INVENTORY

Cost of merchandise purchased during an accounting period is debited to Purchases account. To determine VALUE of the goods on hand, it is essential to take an inventory-a physical count. Value of the goods on hand is then recorded in an ASSET account entitled MERCHANDISE INVENTORY.

Merchandise Inventory is decreased by the value of BEGINNING MERCHANDISE INVENTORY and it's increased by the value of ENDING MERCHANDISE INVENTORY.

 


Related Discussions:- Explain in detail about the merchandise inventory

Show periodicity concept, Q. Show Periodicity concept? As per to the pe...

Q. Show Periodicity concept? As per to the periodicity (time periods) concept or assumption an entity's life can be meaningfully subdivided into time periods (such as months or

If alisha maintenance manufacturing has: total maintenance, If Alisha Maint...

If Alisha Maintenance manufacturing has:  total maintenance cost of $2,785,000  total fixed maintenance cost of $310,000  total variable maintenance cost of $2,475,000  total m

The comparative statements of lucille company are presented, The comparativ...

The comparative statements of Lucille Company are presented here. LUCILLE COMPANY Income Statements For the Years Ended December 31 First number are 2012 2012 then 2011

Management, Management: Organizations may not or may exist for the sole re...

Management: Organizations may not or may exist for the sole reason of profit. Though, information requires of the managers of both types of organizations are approximately the sam

TRADING ACCOUNT, WHO PREPARES A TRADING ACCOUNT AND WHY?

WHO PREPARES A TRADING ACCOUNT AND WHY?

Prepare trial balance for transaction, Encik Farid, a sole trader, started ...

Encik Farid, a sole trader, started his business on 1 May 2010 under the name Farid Enterprise. The following are his business transactions for the month of May a.  Encik Farid

Accounting Assignment, Go to http://moneycentral.msn.com and look up the ...

Go to http://moneycentral.msn.com and look up the companies Lowe’s (symbol: LOW) and Home Depot (symbol: HD). To the left, you will see several different tabs. At the bottom, yo

LAW OF PERSONS, discuss the features of unincoporated associations

discuss the features of unincoporated associations

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd