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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.
What else can I help you with?
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!
If the title to merchandise purchases passes to the buyer when the goods are delivered to the buyer the terms are?
FOB destination
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.
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
When merchandise is returned for a refund or for credit to be applied to other purchases the situation is called?
sales return
What is the journal entry merchandise purchase with terms?
Debit purchases / goods accountCredit Accounts payable
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 account are Purchases of merchandise credited to?
Purchases of merchandise are typically credited to the Accounts Payable account if the purchase is made on credit, reflecting a liability to pay the supplier. If the purchase is made with cash, the Cash account would be credited instead. In both cases, the Purchases account (or Inventory account, depending on the accounting method used) is debited to record the increase in inventory.
