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9 Cards in this Set
- Front
- Back
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Cost of Merchandise Purchased
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Purchases
Less: Purchases returns & allowances Purchases Discounts ========================= Net Purchases Add: transportation In ============================= Cost of Merchandise Purchased |
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Cost of Merchandise Sold
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Purchases
Less Ending Merchandise Inventory ============================= Cost of Merchandise Sold |
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Gross Profit
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Net Sales - Cost of merchandise
Sold |
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Income Statement
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Revenues:
Net Sales Rent Revenue Total Revenue Expenses: Cost of Merchandise Sold Selling Expenses Administrative Expenses Interest expenses Total Expenses Net Income |
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Debit Memorandum
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Informs the seller of the amount the buyer proposes to debit to the account payable due to the seller.
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Credit Memoradum
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If a return or allowance is for a sale on account, the seller issues a credit memorandum.
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Purchases Discounts
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purchases discounts taken by the buyer for early payment of an invoice.
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FOB Shipping Point
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Buyer pays for shipping
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FOB Destination
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Seller pays for shipping
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