July+11

Day 6 July 11th

Accounting for a Merchandising Company continued

PowerPoint Chapters 5 and 9

Chapter 5 Overview: Accounting for a Merchandising Company 1) Subsidiary Ledgers, Control Accounts and Special Journals 2) Merchandising Company overview 3) Inventory Valuation Methods - Perpetual and Periodic 4) Recording Inventory purchases, returns, freight costs - difference between perpetual and periodic 5) Classified Balance Sheet 6) Recording Sales and COGS - difference between perpetual and periodic 7) Multi-step Income Statement - difference between perpetual and periodic 8) Recording Sales Tax, Credit and Cash Discounts, Sales Discounts

Chapter 9 Overview - continued with Inventory Costing

1) Inventory costing (valuation) methods - LIFO, FIFO, Average Cost, Specific Cost

Text Questions - Merchandising Accounting cont’d – take up questions with the class in the following blocks DQ 9, 10, 11, 15, 30 Ex 5-1, 5-2, 5-5, 5-13 Problem 5-3

Text Questions - Discounts : students work on questions and then take up Discounts : Ex 5-12, 5-14 Discounts : Problems 5-10, 5-4, 5-5,5-11, 5-12

To be handed in for formative assessment: Assignment: Text Question Problem 5-14 Chapter 5 QUIZ