Flashcards
Accounting
Cards in this deck (10)
- 1Gross Profit MarginGross Profit/Net Sales
- 2Gross ProfitNet Sales - Cost of Goods Sold
- 3Net SalesSales - Returns, allowances, discounts
- 4Profit MarginProfit/Net Sales
- 5PurchasesDR. Merchandise Inventory
CR. Accounts Payable - 6Purchase Returns and AllowancesDR. Cash/Accounts Payable
CR. Merchandise Inventory - 7Quantity & Purchase DiscountsDR. Accounts Payable
CR. Merchandise Inventory
CR. Cash - 8SalesDR. Cash/Accounts Receivable
CR. Sales
DR. Cost of Goods Sold
CR. Merchandise Inventory - 9Sales Returns and AllowancesDR. Sales Returns and Allowances
CR. Accounts Receivable/Cash
(if merchandise returned is salable)
DR. Merchandise Inventory
CR. Cost of Goods Sold - 10Sales DiscountsDR. Cash
DR. Sales Discounts
CR. Accounts Receivable
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- Description
- Flashcards on Accounting, created by Jonathan Ng on 16/03/2018.
- Created by
- Jonathan Ng
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