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The things you buy in a store are considered merchandise, so a merchandise purchase reflects something you bought. This term may show up on a credit card statement as a category to separate it from travel charges, service charges, like a doctor's office visit or hair cut, and other categories of spending.
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∙ 12y ago
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What is the price at which a business purchases merchandise is called the?
cost
Are credit cards accepted for merchandise purchases at Hannah Montana concerts?
no
Purchases and sales of merchandise are the two major activities of a merchandising business?
it would be true!
When merchandise sold is assumed to be in the order in which the purchases were made the company is using?
Last in, First out LIFO
What is the account classifaction of purchases?
It is a cost account because it is in the cost of merchandise division in the chart of accounts.
What is the journal entry merchandise purchase with terms?
Debit purchases / goods accountCredit Accounts payable
When merchandise is returned for a refund or for credit to be applied to other purchases the situation is called?
sales return
If the title to merchandise purchases passes to the buyer when the goods are delivered to the buyer the terms are?
FOB destination
What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise?
Merchandising, Recording Purchases of Merchandise, Recording Sales of Merchandise, Income Statement Presentation Operations, and Evaluating Profitability.
If title to merchandise purchases passes to the buyer when the goods are shipped from the selle the terms are?
FOB shipping point
What are some ideas for vip guests?
Preferred parking, preferred seating, a VIP card that allows a special discount from merchandise purchases, free merchandise, backstage access, etc.
What does is mean by cost of goods sold?
COGS. An income statement figure which reflects the cost of obtaining raw materials and producing finished goods that are sold to consumers. Cost of Goods Sold = Beginning Merchandise Inventory + Net Purchases of Merchandise - Ending Merchandise Inventory.
