Financial Accounting – Merchandising Transactions
4.0 (45 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
13,557 students enrolled

Financial Accounting – Merchandising Transactions

Merchandising transaction including purchase and sale of inventory, discounts, and returns.
4.0 (45 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
13,557 students enrolled
Last updated 8/2019
English
English [Auto]
Current price: $119.99 Original price: $199.99 Discount: 40% off
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This course includes
  • 12 hours on-demand video
  • 20 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Assignments
  • Certificate of Completion
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What you'll learn
  • Accounting fundamentals review
  • Merchandising transactions
  • Record purchase of merchandise
  • Record the sale of merchandise
  • Perpetual and periodic inventory systems
  • Sales discount and purchase discount
  • Inventory shrinkage and sales returns
  • Financial statements for a merchandising company
  • Comprehensive problem of the entire accounting cycle
Requirements
  • We should have a basic understanding of financial accounting and debits and credits.
Description

Merchandising transaction, those transaction that deal with inventory, including the purchase of inventory and the sale of inventory. We will discuss related topics including sales discounts, purchase discounts, sales return and allowances, shrinkage and the cost of goods sold calculation. We will also compare and contrast a perpetual inventory system and periodic inventory system, listing and describing the pros and cons of each, explaining when each may be most appropriate in practice.  

In addition to instructional video, this course will include downloadable

•    Downloadable PDF Files

•    Excel Practice Files

•    Multiple Choice Practice Questions

•    Short Calculation Practice Questions

•    Discussion Questions

The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.

Excel practice files will be preformatted so that we can focus on the adjusting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.

Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple choice questions and discussing how to approach these questions.

Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.

Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.

Who will we be learning from?

You will be learning from somebody who has technical experience in accounting concepts and in accounting software like QuickBooks, as well as experience teaching and putting together curriculum.

You will be learning from somebody who is a:

•    CPA – Certified Public Accountant

•    CGMA – Chartered Global Management Accountant

•    Master of Science in Taxation

•    CPS – Certifies Post-Secondary Instructor

•    Curriculum Development Export

As a practicing CPA the instructor has worked with many technical accounting issues and helped work through them and discuss them with clients of all levels.

As a CPS and professor, the instructor has taught many accounting classes and worked with many students in the fields of accounting, business, and business applications.

The instructor also has a lot of experience designing courses and learning how students learn best and how to help students achieve their objectives. Experience designing technical courses has also benefit in being able to design a course in a logical fashion and deal with problems related to technical topics and the use of software like QuickBooks Pro.

Summary of what will be covered: 

Accounting Fundamentals

  • We will review the fundamentals the core concepts we always need to fall back on and practice, fundamentals including the double entry accounting process and the relationship of the financial statements. These are topics we can almost always still learn something new on even when we believe we have them fully understood. 
  • Merchandising Transaction
    • Purchase of merchandise or inventory
    • Sale of merchandise or inventory
  • Perpetual and Periodic Inventory System
    • We will compare and contrast the perpetual and periodic inventory systems. 
  • Sales Discount & Purchase Discount
    • It is easy to get the sales discount and purchase discount confused and mixed up. We will discuss both transactions and how to record them. 
  • Inventory Shrinkage & Sales Returns. 
    • Inventory Shrinkage has do do will  loss of inventory, the problem being how to know it is lost and how to record the loss. Sales return are when inventory is returned after a sale. We will record transactions related to sales returns. 
  • Financial Statements - Merchandising Company
    • Financial statements, especially the income statement, are typically more complex for merchandising companies then service companies. 
  • Comprehensive Problems
    • We will have to comprehensive problems, on focused on financial transactions, more of a mid sized problem. The second comprehensive problem will cover the full accounting cycle for a merchandising company, the recording of financial transaction, adjusting entries, financial statements, and closing process. 
Who this course is for:
  • Accounting students
  • Business owner
  • Anyone who whats to learn accounting
Course content
Expand all 93 lectures 11:48:17
+ Merchandising Transactions Overview
8 lectures 19:50
3 Merchandising Transactions Overview
00:51
PDF - 20 Merchandising transaction intro
00:08
20 500 - Merchandising Transaction Explained Purchaser and Se
05:53
PDF - 30 Merchandising Transaction purchase on account
00:08
30 500 Merchandising Transaction Journal Entry Purchaser
05:16
PDF - 40 Merchandising sale journal entry
00:08
40 500 Merchandising Transaction Sales Journal Entry - COGS Jou
07:12
Describe the difference between a periodic and perpetual inventory system.
Discussion Question 2
1 question
Accounting Comic Break
00:14
+ Perpetual and Periodic Inventory Systems
11 lectures 02:07:03
4 Perpetual and Periodic Inventory Systems Overview
01:22
PDF - 10 Perpetual Inventory System
00:08
5 Perpetual Inventory System
18:36
Excel Download
00:05
Worksheet - Perpetual Inventory System
35:37
PDF - 5 Periodic Inventory System
00:08
10 Periodic Inventory System
22:30
Excel Download
00:05
Worksheet Periodic System
31:34
PDF - 15 Perpetual vs Periodic
00:08
15 Perpetual vs. Periodic Inventory System
16:50
Describe the operating cycle for a merchandising company.
Discussion Question 3
1 question
+ Sales Discount & Purchase Discount
9 lectures 44:45
5 Sales Discount & Purchase Discount Overview
01:09
PDF - 50 Sales discount vs purchase discount
00:08
50 500 Sales Discount VS. Purchase Discount
05:39
PDF - 60 Merchandising Transaction purchase on account DIscount
00:08
60 500 Purchase Discount Journal Entry Explained
06:35
PDF - 70 Sales discount journal entry
00:08
70 500 Sales Discount Explained Journal Entry Record Discou
07:18
Excel Download
00:05
Worksheet Purchase Discount & Sales Discount
23:35
What does FOB mean and how is it used?
Discussion Question 4
1 question
+ Inventory Shrinkage & Sales Returns
10 lectures 01:01:53
6 Inventory Shrinkage & Sales Returns
00:56
PDF - 90 Inventory Shrinkage
00:08
90 Inventory Shrinkage
09:06
Excel Download
00:05
Worksheet Inventory Shrinkage
11:58
PDF - 100 Sales Return
00:08
100 Sales Return & Allowance Transaction
16:00
Excel Download
00:05
Worksheet - Sales Return
12:51
Multiple Choice Question 1
10:36
Discuss the differences between a single step income statement and multi-step income statement.
Discussion Question 5
1 question
+ Financial Statements - Merchandising Company
5 lectures 01:03:22
7 Financial Statements - Merchandising Company
01:11
Single Step Income Statement Review
06:56
80 500.20 Merchandising Financial Statements-Accounting instructions
25:36
Multiple Choice Question 2
18:35
Short Calculation 1
11:04
Describe the cost of goods sold calculation.
Discussion question 6
1 question
+ Merchandising Transaction Problem
7 lectures 01:27:39
Excel Download
00:05
500.10 Merchandising Ex Part 1-Accounting%2C Financial (2)
15:03
500.20 Merchandising Ex Part 2-Accounting%2C Financial (1)
15:11
500.30 Merchandising Ex Part 3-Accounting%2C Financial (1)
15:08
500.40 Merchandising Ex Part 4-Accounting%2C Financial (1)
14:10
Multiple Choice Question 3
09:39
Short Calculation 2
18:23
Describe gross profit and how it is used.
Discussion question 7
1 question
+ Comprehensive Problem
15 lectures 03:07:42
Excel Download
00:05
Excel Download
00:05
1 Accounting%2C Financial - Comp Problem Merchandising Co Journal Entries Part 1
15:02
2 Accounting%2C Financial - Comp Problem Merchandising Co Journal Entries Part 2
15:08
3.5 Accounting%2C Financial - Comp Problem Merchandising Co Journal Entries Part
15:18
4 Accounting%2C Financial - Comp Problem Merchandising Co %282%29. Journal Entri
20:07
5 Accounting%2C Financial - Comp Problem Merchandising Co. Journal Entries Part
18:29
6 Comp Problem Merchandising Co. Adjusting Entries Part 6
15:02
7 Accounting%2C Financial - Comp Problem Merchandising Co. Adjusting Entries Par
18:58
8 Accounting%2C Financial - Comp Problem Merchandising Co. Financial Statements
15:04
9 Accounting%2C Financial - Comp Problem Merchandising Co. Financial Statements
15:13
10 Accounting%2C Financial - Comp Problem Merchandising Co. Financial Statements
10:11
11 Accounting%2C Financial - Comp Problem Merchandising Co. Financial Statements
07:28
12 Accounting%2C Financial - Comp Problem Merchandising Co. Closing Entries Part
10:03
13 Accounting%2C Financial - Comp Problem Merchandising Co. Closing Entries Part
11:29
Define and discuss inventory shrinkage.
Discussion Question 8
1 question
+ Definitions & Key Terms
21 lectures 52:56
45 Invoice Definition - What is Invoice%3F
02:21
Cash Discount Definition - What is a Cash Discount%3F
02:30
Credit Memorandum Definition - What is a Credit Memorandum%3F
02:53
Credit Period Definition -What is a Credit Period%3F
01:39
Credit Terms Definition -What are Credit Terms%3F
02:02
FOB Definition%2C Free on Board - FOB Shipping Point - FOB Destination - What is
02:36
Gross Margin Definition - What is Gross Margin%3F
02:14
Gross Margin Ratio Definition
02:52
Gross Profit Definition - What is Gross Profit%3F
02:18
Gross Profit Ratio Definition - What is gross profit ratio
02:47
Inventory Definition
01:53
Merchandise Definition
02:03
Multiple-Step Income Statement Definition - What is a Multiple-Step Income State
02:43
Periodic Inventory System Definition - What is Periodic Inventory System%3F
04:10
Perpetual Inventory System Definition - What is Perpetual Inventory System%3F
03:17
Purchase Discount Definition - What is Purchase Discount%3F
03:40
Sales Discount Definition - What is sales discount%3F
03:30
Shrinkage Definition - What is Shrinkage%3F
01:34
Single-Step Income Statement - What is a Singe-Step Income S
02:50
Trade Discount Definition - What is a Trade Discount
01:14
Wholesaler Definition - What is a Wholesaler%3F
01:50