Term
| Journal Entry for paying for goods within discount (buyer) |
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Definition
A/P
Cash
Merchandise Inventory |
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Term
| Journal Entry for paying for goods not within discount (buyer) |
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Definition
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Term
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Definition
A/P
Merchandise Inventory |
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
| When buyer incurs freight costs |
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Definition
Merchandise Inventory
Cash |
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Term
| When seller incurs freight costs |
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Definition
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Term
| Journal entry for selling goods (seller) |
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Definition
AR
Sales
COGS
Merchandise Inventory |
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Term
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Definition
Sales Returns and Allowances
AR
Merchandise Inventory
COGS |
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Term
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Definition
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Term
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Definition
| GP/Net sales= Gross Profit Rate |
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Term
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Definition
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