Term
|
Definition
Dr. Merchandise Inventory
Cr. Cash or A/P |
|
|
Term
| Purchases Returns & Allowance |
|
Definition
Dr. Cash or A/P
Cr. Merch Inventory |
|
|
Term
| Freight in (FOB Shipping) |
|
Definition
Dr. Merch Inventory
Cr. Cash or A/P |
|
|
Term
|
Definition
Dr. A/P
Cr. Cash
Cr. Merch Inventory |
|
|
Term
|
Definition
a. Selling Price
Dr. A/R or Cash
Cr. Sales
b. Cost Price
Dr. Cost of Goods Sold
Cr. Merch Inventory |
|
|
Term
| Sales Returns & Allowance |
|
Definition
a. Selling Price
Dr. Sales R & A
Cr. A/R or Cash
b. Cost Price
Dr. Merch Inventory
Cr. A/R or Cash |
|
|
Term
| Freight-out (FOB Destination) |
|
Definition
|
|
Term
|
Definition
Dr. Cash
Dr. Sales Discount
Cr. A/R |
|
|
