Outline Merchandising activities Operating cycle of merchandising companies Merchandising cost accounts Inventory systems Merchandise purchases Sales transactions Adjusting and closing entries Task Team of FUNDAMENTAL
Outline Q Describe the preparation of adjusted trial balance Describe and prepare a worksheet and describe its usefulness Describe the closing process and explain why temporary accounts are closed each period
Reporting the Results of Operations Information about net income is used by investors, creditors, and other financial statement users. Normal, recurring Unusual, nonrecurring revenue and expense events that affect transactions
