- Read Pages 427-431
- Complete Review Questions 1-16
- Exercises 1-4
- Exercise 5 Page 459
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
Exercise 1 and 2 pages 406
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