SERVICECOMPANIES Serviceorganizationsselltimetoearnrevenue.Examples:Accountingfirms,lawfirmsandplumbingservices Revenues Minus EqualsExpenses Netincome McGraw-Hill/Irwin Slide2 C1 MERCHANDISINGACTIVITIES MerchandisingCompanies Manufacturer Wholesaler Retailer Customer McGraw-Hill/Irwin Slide3 C1 REPORTINGINCOMEFORA MERCH...
WhoCanIWorkFor?•PublicAccountingFirms(CertifiedPublicAccountantTrack)–Local,Regional,National,International •ConsultingFirms •BusinessandIndustry –Manufacturing,Retail,Service,Banking,Insurance,HealthCare,NaturalResources,Non-profit,etc.•Government •Self-Employed •Education –College,HighSchool 第三...
Chapter 5 Accounting for Merchandising Operations Questions 1. Additional accounts of a merchandising company likely include Merchandise Inventory, Sales (of goods), Cost of Goods Sold, Sales Discounts, and Sales Returns and Allowances (and possibly Delivery Expense). 2. Merchandising companies report ...
4、insurance, and suppliesIssuing sharesEarning of revenue when cash was collected in advanceCopyright 2014 Pearson Education4Time Period Concept Accounting information is reported at regular intervals Basic accounting period is one year Calendar year January 1 December 31 Fiscal year 12-month period e...
Accounting for employee benefits (cont.) Superannuation AASB 119 addresses how a reporting entity is to account for the superannuation entitlements of its employees, as well as other post-employment benefits such as post-employment life insurance and post-employment health care AAS 25 ‘Financial Repo...
& Equipment 9 - 42 C1 PLANT ASSETS 9 - 43 C1 COST DETERMINATION Purchase price Acquisition Cost All expenditures needed to prepare the asset for its intended use Acquisition cost excludes financing charges and cash discounts C1 Purchase price LAND Title insurance premiums 9 - 44 Delinquent taxes...
CashAccountsreceivableSuppliesPrepaidinsuranceEquipmentAccum.depr.-Equip.AccountspayableSalariespayableUnearnedconsultingrevenueC.Taylor,CapitalC.Taylor,WithdrawalsConsultingrevenue RentalrevenueDepr.expenseSalariesexpenseInsuranceexpenseRentexpenseSuppliesexpenseUtilitiesexpenseTotals FastForwardWorkSheetForMonthEndedDecember31,2009...
The payments for insurance and the license are operating costs and therefore are expensed.DO IT!Cost of Plant Assets 1 10-18 Process of cost allocation, not asset valuation. Applies to land improvements, buildings, and equipment, not land. Depreciable because the revenue-...
Prepaid Insurance Unearned Revenues Cash received and recorded as liabilities before revenue is earned Example: Cash received for services provided in future Adjusting Entries: Prepayments Accrued Revenues Revenues earned but Not yet received In cash or recorded ...
Payment for Insurance Payment for Insurance Purchase of Supplies on Credit Purchase of Supplies on Credit What are the journal/ledger entries if the $2,500 of advertising supplies was purchased with cash? Review Question: Purchase of Supplies for Cash ...