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merchandise inventory
Anything bought on account will have an impact on two sides of the accounting equation. Since we "purchased" the merchandise we are receiving, therefore we will Increase our assets (merchandise), since we purchased this item on "account" we will also increase our liabilities (account payable).
Merchandise Inventory. The value of merchandise in the trial balance is the amount of inventory on hand at the beginning of the year. No other transactions are posted to this account during the year because every time merchandise if purchased, it is debited to Purchases. Every time inventory is sold, it is credited to Sales.
As a debit to the accounts payable account and a credit to the purchases returns and allowances account
Most banks usually send a hard-copy (paper) statement of the list of transactions in your bank account every month or every quarter. A statement is nothing but a record of all transactions that happened on your bank account. It gives an opportunity to the customer to check if all the transactions were legitimate. If the customer feels that one or more transactions were not done by them, they can file a complaint with the bank.
merchandise inventory
Anything bought on account will have an impact on two sides of the accounting equation. Since we "purchased" the merchandise we are receiving, therefore we will Increase our assets (merchandise), since we purchased this item on "account" we will also increase our liabilities (account payable).
Merchandise Inventory. The value of merchandise in the trial balance is the amount of inventory on hand at the beginning of the year. No other transactions are posted to this account during the year because every time merchandise if purchased, it is debited to Purchases. Every time inventory is sold, it is credited to Sales.
As a debit to the accounts payable account and a credit to the purchases returns and allowances account
You can find business transactions under your account on the website of the bank that you are a customer of. You can also view transactions from websites that you purchase goods from.
Most banks usually send a hard-copy (paper) statement of the list of transactions in your bank account every month or every quarter. A statement is nothing but a record of all transactions that happened on your bank account. It gives an opportunity to the customer to check if all the transactions were legitimate. If the customer feels that one or more transactions were not done by them, they can file a complaint with the bank.
A sale of merchandise for cash would be: Debit cash or bank account, Credit sales
Essentially, a PayPal merchant account goes between you bank account and the customer, giving you the chance to charge for merchandise. The money goes through PayPal, and you can draw out into your account
[debit] Merchandise account 12000 [Debit] Freight in 485 [Credit Accounts payable / cash 12485
The main one would be sales. But you can also have refunds given and late payment charges.
Merchandise Inventory is an asset account that shows up on the balance sheet.
It is called an account statement. A statement is usually sent to all customers once every month or atleast once every quarter (3 months). This is used to keep track of all transactions that have been done on the account and also to help the customer identify any incorrect or unwanted transactions and take necessary actions reg. the same.