If you are experiencing any difficulties during the holidays and need someone to reach out to, please use the following resources:
-Kids Help Phone – 1-800-668-6868 or go to www.kidshelpphone.ca (available 24 hours a day) -Crisis Response Service – call (416) 410-8615 (available 7 days per week, 24 hours a day) -Tangerine Walk-In Counselling (Visit www.tangerinewalkin.com for clinic location & hours) -Rapport Family and Youth services (visit www.rapportyouth.com)
Have a safe and restful holiday on behalf of the Guidance Team.
Exercise 1 and 2 pages 406
How do businesses account for goods that are returned?
Discussion: Returns and Allowances and why retailers need to keep track of this information
Additional practice and Review:
Review Questions 1-15 (pg.424) Exercise 1-2,5 Page 424-427
Download (PDF, 138KB)
Discussion: the new accounts: MERCHANDISE, PURCHASES, SALES AND Freight IN
Please review Page 399 in the textbook!
- Additional Practice and Review:
- Read 404-406
- Review Questions 1-11 (page 406)
- Important: Exercise 1-2 (page 407-408)
- Read Pages 396-401
- Complete Review Questions 1-17
- Exercises 2,3,4
- What is a merchandising business?
- How is it different from a service business?
- Wholesaler vs. Retailer
What is inventory?
- Why is it so critical?
Discussion: Two Aspects – BS (Current Asset) and IS (COGS)
Periodic vs. Perpetual inventory systems – The Inventory Cycle
What is COGS? – calculation and using the equation
Complete Exercise 2 and 3 Page 402
Additional Review and Practice:
- Read 396-401
- Questions 1-17
- Exercises 2-5
Read Pages 357-365
Complete Exercise 2-3 Page 364