BAF3M – Mr.Scorcia – Spring 2019

Please be sure to return your textbook on the exam day.

Use the period to complete all of your journal entries on paper Have every group member review the entries so you are ready to enter them all into Quickbooks on Wednesday For Thursday your group should be ready to complete the adjusting entries, income statement, balance sheet and closing entires Friday we will print and then begin the exam review

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: Read 417-424 Review Questions 1-15 (pg.424) Exercise 1-2,5  Page 424-427

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)

Discussion: What is a merchandising business? How is it different from a service business? Discussion: 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 1 and 2 together […]