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9 Cards in this Set

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