Summary of Merchandise Entries

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8 Terms

1
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Purchase MI for resale

DR: MI

CR: A/P

2
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Freight Costs (purchaser)

DR: MI

CR: Cash

3
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Receiving purchase returns/allowances from suppliers

DR: A/P

CR: MI

4
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Paying creditors on account within discount period

DR: A/P

CR: MI

CR: Cash

5
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Selling merchandise to customers

DR: A/R

CR: Sales

DR: COGS

CR: MI

6
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Giving sales returns or allowances to customers

DR: Sales RA

CR: Sales

DR: MI

CR: COGS

7
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Paying freight costs on sales (FOB Dest)

DR: Freight out

CR: Cash

8
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Receiving payment on account within discount period

DR: Cash

DR: Sales discount

CR: A/R