Matakuliah
Tahun
: V0232 – Akuntansi Keuangan Hotel
: 2009
Hospitality Financial Accounting
Week 7
Accounting for Merchandising Operations in
Hospitality
8-1 Merchandise Purchase Entries for a
Merchandiser (Perpetual System)
BUYER COMPANY
June 5
Merchandise Inventory
Accounts Payable
(To record goods purchased on account, terms 2/10, n/30)
5,000
5,000
10
Accounts Payable
Merchandise Inventory
(To record return of merchandise)
1,000
1,000
13
Accounts Payable
Merchandise Inventory
Cash
(To record payment on account within discount period)
4,000
80
3,920
Entry if discount is not taken:
July 5
Accounts Payable
Cash
(To record payment on account with no discount taken)
4,000
4,000
FREIGHT TERMS: FOB SHIPPING POINT - BUYER PAYS FREIGHT
July 5
Merchandise Inventory
Cash
(To record freight charges, terms FOB shipping point)
200
200
Note: If freight terms were FOB DESTINATION, the seller company would be responsible for paying the freight
8-2 Revenue Entries for a Merchandiser
SELLER COMPANY
June 5
10
13
Accounts Receivable
Sales
(To record credit sale, terms 2/10, n/30)
5,000
5,000
Cost of Goods Sold
Merchandise Inventory
(To record cost of merchandise sold)
2,500
2,500
Sales Returns and Allowances
Accounts Receivable
(To record return of merchandise)
1,000
1,000
Merchandise Inventory
Cost of Goods Sold
(To record cost of goods returned)
500
500
Cash
Sales Discounts
Accounts Receivable
(To record collection within discount period)
3,920
80
4,000
Entry if discount is not taken:
July 5
Cash
Accounts Receivable
(To record collection with no discount taken)
4,000
4,000
FREIGHT TERMS: FOB DESTINATION - SELLER PAYS FREIGHT
July 5
Freight-out
Cash
(To record payment of freight on goods sold, FOB destination)
200
200
Note: If freight terms were FOB SHIPPING POINT, the buyer company would be responsible for paying the freight charges.
8-3 Work Sheet for a Merchandiser
PARTIAL WORK SHEET
Adjusted Trail
Account Title
Dr.
Merchandise Inventory
XX
Sales
Cr.
Income
Dr.
Balance Sheet
Cr.
Dr.
XX
XX
XX
Sales Returns & Allowances
XX
XX
Sales Discounts
XX
XX
Cost of Goods Sold
XX
XX
Cr.
Procedure:
(1)
Merchandise Inventory is extended to the debit column of the balance sheet.
(2)
Sales is extended to the credit column of the income statement.
(3)
Sales Returns & Allowances and Sales Discounts are extended to the debit column of the
income statement.
(4)
Cost of Goods Sold is extended to the debit column of the income statement.