基础会计(英文版)(第二版)Chapter05 Sales and Sales Journal[精]
Follow the process
The Accounting Equation of a Merchandising Business
Revenue from the sales of goods under the Sales account
Merchandise: goods acquired by a merchandising business for resale to its customers in the same physical condition.
Chapter 5 Sales and Sales Journal
Lead-in
Chapter One to Chapter Four: basic accounting concepts and procedures
of a service-type sole proprietorship
Now, accounting practice of a merchandising sole proprietorship
Seller: debiting the Sales Returns and Allowances account and crediting the Accounts Receivable account.
Return: it is a 100% refund to the customer
Example context
Mr Li decides to extend his business to the sale of merchandise and thus opens a store called Guangli Furniture Store, which sells furniture and fixtures.
Sales Returns and Allowances
The Sales Journal
Sales journal is used to record sales of merchandise on credit only
Since the money ceivable Dr and Sales Cr, a single line is sufficient to record a transaction, whereas at least three lines are needed in the general journal (debit, credit, and explanation).
= the balances of the charge customer
accounts in the accounts receivable ledger.
Sales Returns and Allowances
Seller will issue a credit memorandum
Now let’s suppose that in the first month of business, Guangli Furniture Store completed the following credit
Sales Tax
Sales tax payable: Value added tax: A charge on taxable
Check mark (√) is put in the Posting Reference column
posts the total of the credit sales from the sales journal to the general ledger by debiting the Accounts Receivable (controlling) account and crediting the Sales account.
Prepare a schedule of accounts receivable
Listing individual balances of all the charge customer accounts
Accounts Receivable (controlling) account in the general ledger
Accounts receivable ledger: the charge customers and their
respective balance controlling account subsidiary ledger
Posting from the Sales Journal
Allowance: reduction from the original price
Contra account
Sales Returns and Allowances account: a contra account to the Sales account Example:
Posting Directly from Sales Invoices
supplies of goods and services by a taxable person in the course or furtherance of a business.
The Accounts Receivable Ledger
Practical: to maintain a separate account for each charge customer.
Merchandise inventory:a stock of goods that a merchandising business acquires and keeps on hand for resale to its customers in its normal operations.
The Accounting Equation of a Merchandising Business
Revenue from the sales of goods under the Sales account
Merchandise: goods acquired by a merchandising business for resale to its customers in the same physical condition.
Chapter 5 Sales and Sales Journal
Lead-in
Chapter One to Chapter Four: basic accounting concepts and procedures
of a service-type sole proprietorship
Now, accounting practice of a merchandising sole proprietorship
Seller: debiting the Sales Returns and Allowances account and crediting the Accounts Receivable account.
Return: it is a 100% refund to the customer
Example context
Mr Li decides to extend his business to the sale of merchandise and thus opens a store called Guangli Furniture Store, which sells furniture and fixtures.
Sales Returns and Allowances
The Sales Journal
Sales journal is used to record sales of merchandise on credit only
Since the money ceivable Dr and Sales Cr, a single line is sufficient to record a transaction, whereas at least three lines are needed in the general journal (debit, credit, and explanation).
= the balances of the charge customer
accounts in the accounts receivable ledger.
Sales Returns and Allowances
Seller will issue a credit memorandum
Now let’s suppose that in the first month of business, Guangli Furniture Store completed the following credit
Sales Tax
Sales tax payable: Value added tax: A charge on taxable
Check mark (√) is put in the Posting Reference column
posts the total of the credit sales from the sales journal to the general ledger by debiting the Accounts Receivable (controlling) account and crediting the Sales account.
Prepare a schedule of accounts receivable
Listing individual balances of all the charge customer accounts
Accounts Receivable (controlling) account in the general ledger
Accounts receivable ledger: the charge customers and their
respective balance controlling account subsidiary ledger
Posting from the Sales Journal
Allowance: reduction from the original price
Contra account
Sales Returns and Allowances account: a contra account to the Sales account Example:
Posting Directly from Sales Invoices
supplies of goods and services by a taxable person in the course or furtherance of a business.
The Accounts Receivable Ledger
Practical: to maintain a separate account for each charge customer.
Merchandise inventory:a stock of goods that a merchandising business acquires and keeps on hand for resale to its customers in its normal operations.
合集下载
基础会计(英文版)(第二版)Chapter10 Accounts for Partnership a
Sales Cost of Goods Sold Inventory, Jan.1 Purchases Cost of goods available for sale Less: Inventory, Dec. 31 Cost of Goods Sold Gross Profit on Sales Operating expenses:
Partnership Accounting
Closing the Accounts of a Partnership at Year-end
By the end of the first year operation, Guangyi Company had earned a net income of 600 000 yuan, which was divided equally by the two partners:
Gunagli, Captial
180 000
Guanghai, Capital
200 000
Guangli, Drawing
180 000
Guanghai, Drawing
200 000
To transfer debit balances in partners’ drawing accounts to their
Chapter 10
Accounts for Partnership and Distribution of Net Income
Accounts for Partnership
Partnership: a convenient, inexpensive means of combining the capital and the special abilities of two or two partners.
基础会计（双语）教案
课 程 教 案2014——2015学年第二学期2014课程名称：会计英语课程性质：必修课授课班级：涉外会计授课教师：杨舒教师所属系（部）：商贸系总 学 时：40周 学 时：2Part1 Basic of accounting教学方法：讲授法、实例法教学方法：讲授法、实例法教学目的：教学目的：u 掌握资产、负债和所有者权益的会计含义掌握资产、负债和所有者权益的会计含义u 掌握复式记账、货币计量、会计实体、持续经营以及资产计量原则掌握复式记账、货币计量、会计实体、持续经营以及资产计量原则 u 熟悉资产负债表的特征熟悉资产负债表的特征u 了解资产负债表的主要科目了解资产负债表的主要科目重点和难点：重点和难点：重点：重点：1.Four basic financial statements2. Six elements of accounting3.Concepts that govern all accounting难点：难点：1.Concepts that govern all accounting学时分配：4课时课时讲课4课时课时参考书目：参考书目：1、 《基础会计》《基础会计》20062006年7月第2版 金跃武主编金跃武主编高等教育出版社高等教育出版社2、 《企业会计准则》（财政部文件）《企业会计准则》（财政部文件）20062006年 中国财政经济出版社中国财政经济出版社3、 《基础会计与实务》《基础会计与实务》20052005年7月第2版 李惠芝主编李惠芝主编清华大学出版社清华大学出版社4、 《基础会计》《基础会计》 20052005年7月第2版 薛洪岩主编薛洪岩主编薛洪岩主编立信会计出版社立信会计出版社立信会计出版社5、 《初级会计实务》（全国会计专业技术资格考试用书） 2004年9月第1版 中 国财政经济出版社国财政经济出版社Part 1 Basic of accounting1. What is accounting and its role in BusinessAccounting branches2. Financial statementsn Balance sheetn Income statementn Statement of cash flowsn Statement of changes in equityAssets n Assets are valuable resources owned by the entity.n Liabilities and equity show the sources of assets. Liabilitiesn Liabilities are the entity’s obligations to outside parties who have furnished resources. n Creditors Creditors——who have a claim against the assets in the amount shown as the liabilities. Equityn Paid-in capital: provided by equity investorsn Retained earnings: generated from profitsn Equity investors have only a residual claim.3. Concepts that govern all accounting (会计核算的基本概念)(1) The dual-aspect concept复式记帐概念复式记帐概念The fundamental accounting equation:Assets = Liabilities + Equity 复式记帐特点复式记帐特点ü 在两个或两个以上相互联系的账户中记录一项经济业务，在两个或两个以上相互联系的账户中记录一项经济业务，以反映资金运动的来龙去脉。
基础会计课件,英文
Chapter 2: Quality of Accounting Information
Limits of financial information
Specific to a business entity
(Separate-entity assumption)
Assumes that the financial elements reported on the financial statements belong to the company and do not include any of the owners’ personal financial resources or debts.
1. 2. 3. 4. 5. 6.
All item purchased (except inventory) for less than $25 are expensed as incurred-even if they will be last longer than a year. Personal transactions of the owner are kept separately from business transactions. The company uses the same inventory method from period to period. Companies in the same industry often use the same accounting methods. A financial statement should not be biased in what is reported. If combining two assets on the balance sheet would be misleading to users, then they should not be combined.
基础会计学英文版参考资料
Cash Basis
Revenues are recognized when earned and expenses are recognized when incurred.
Revenues are recognized when cash is received and expenses are recorded when cash is paid.
4/8/2020
11
3 - 12
P1
Prepaid (Deferred) Expenses
Resources paid for prior to
receiving the actual benefits.
Here is the check for my 24-month insurance policy.
Summary of Expenses
Rent Gasoline Advertising Salaries Utilities and . . . .
$1,000 500
2,000 3,000
450 ....
Now that we have recognized the revenue, let's see what expenses
artificial time periods
Revenue-Recognition Principle
Revenue recognized in the accounting period in
which it is earned
Matching Principle
Expenses matched with revenues in the same period when efforts are
基础会计(英文版)(第二版)Chapter09 Financial Statements and Closing Entries for a Merchandising Sole
during a fiscal year.
Merchandise inventory turnover = Cost of goods sold Average merchandise inventory
Average merchandise inventory =Beginning inventory + Ending inventory 2
- Purchases Discounts
Cost of Goods Sold = 200 000 + (357 000 - 5 700 - 3 300) - 250 000
= 298 000 yuan
3) the operating expenses section
The operating expenses are those regular expenses involved in doing business. They may be subdivided into a number of different categories, such as selling expenses, and general and administrative expenses, etc.
The Classified Income Statement
The classified income statement for Guangli Furniture Store consists of three basic classifications:
1) the revenue from sales section; 2) the cost of goods sold section; 3) the operating expenses section.
基础会计(英文版)(第二版)Chapter 16 The Statement of Cash Flo
cash receipts from distribution of dividends or assets
cash receipts from distribution of dividends or profits
cash receipts from bond interest income
Cash Paid to Acquire Plant Assets 16 000 000
Proceeds from Sales of Plant Assets
Book value of plant assets sold Add: Gain on sales of plant assets Proceeds from sales of plant assets
Purchases of marketable securities
(6 500 000)
Proceeds from sales of marketable securities 4 000 000
Interest and Dividends Received
Interest revenue Add: Decrease in accrued interest receivable Interest received
Net increase (decrease) in Cash
Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period
##### yuan
#####
##### ##### yuan ##### ##### yuan
Required to be prepared by business entities in China as from January 1, 1998
cash receipts from distribution of dividends or profits
cash receipts from bond interest income
Cash Paid to Acquire Plant Assets 16 000 000
Proceeds from Sales of Plant Assets
Book value of plant assets sold Add: Gain on sales of plant assets Proceeds from sales of plant assets
Purchases of marketable securities
(6 500 000)
Proceeds from sales of marketable securities 4 000 000
Interest and Dividends Received
Interest revenue Add: Decrease in accrued interest receivable Interest received
Net increase (decrease) in Cash
Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period
##### yuan
#####
##### ##### yuan ##### ##### yuan
Required to be prepared by business entities in China as from January 1, 1998
基础会计(英文版)(第二版)Chapter10 Accounts for Partnership and Distribution of Net Income
Income Summary Guangli, Capital Guanghai, Capital
800 000 440 000 360 000
To close the income summary account by crediting each partner with agreed ratio upon salary allowance and dividing the remaining profits equally
Partnership Accounting
Additional Investments
After three months of operation, the firm was in need of cash for future operation. The two partners of the firm decided to increase their respective investments to 1 000 000 yuan. Cash Gunagli, Captial Guanghai, Capital To record additional investment 330 000 280for Partnership and Distribution of Net Income
Accounts for Partnership
Partnership: a convenient, inexpensive means of combining the capital and the special abilities of two or two partners. Joint venture: the sharing of an operation’s cost, risk, and management with a partner pr partners from overseas.
基础会计英语chapter 5
The investment will be cash or other assets invested in the business.
5.1 Accounting for Equity Financing
For example, on January 1, 2015, Zhonghuai Company was established, and the owners invested $10 000 in cash, $32 000 in the form of patent X, and $50 000 in the form of equipment Y（assume VAT is not considered）.
Introduction
In a business, the operating process can be made up of the supply process, the production process and the sales process, but funding is a prerequisite of its production and operating activities. When a business is set up, the owner must prepare enough funds for its normal operation.
5.1 Accounting for Financing
A business is always funded by its owner’s investment and borrowing money from banks or other creditors.
Financing
Equity Financing
5.1 Accounting for Equity Financing
For example, on January 1, 2015, Zhonghuai Company was established, and the owners invested $10 000 in cash, $32 000 in the form of patent X, and $50 000 in the form of equipment Y（assume VAT is not considered）.
Introduction
In a business, the operating process can be made up of the supply process, the production process and the sales process, but funding is a prerequisite of its production and operating activities. When a business is set up, the owner must prepare enough funds for its normal operation.
5.1 Accounting for Financing
A business is always funded by its owner’s investment and borrowing money from banks or other creditors.
Financing
Equity Financing
基础会计(英文版)(第二版)Chapter 17 Analyion
Comparative Income Statement
For the Years Ended December 31, 20×5 and December 31, 20×4
Amount
Increase or decrease
Percentage of net sales
20×5
20×4 Amount
of common stock
65 000
60 000
= 7.67
= 6.73
Operating expense ratio
267 000 900 000 = 29.67%
220 000 750 000 = 29.33%
Analysis by Common Stockholders
20×5
20×4
Operating expenses
Selling expenses
117 000 100 000
17 000
17
13
13.3
General expenses
150 000 120 000
30 000
25
16.7
16
Total operating expenses
267 000 220 000
47 000 21.4
16 000 17 000 33 000 87 000
(6 000) 2 000
(4 000) 24 000
-37.5 11.8 -12 27.6
Percentage of net sales
20×5 20×4
28.6
25
42.9
41.7
21.4
29.2
7.1
4.2
会计学原理英文课件Chapter_05Accounting for Merchandising Op
会计学原理英文课件Chapter_05Accounting for Merchandising Operations
© 2009 The McGraw-Hill Companies, Inc., All Rights Reserved
SERVICE COMPANIES
Service organizations sell time to earn revenue.
McGraw-Hill/Irwin
Slide 8
P1
TRADE DISCOUNTS
Used by manufacturers and wholesalers to offer better prices for greater quantities purchased.
Example
Z-Mart offers a 30% trade discount on orders of 1,000 units or more of their popular
Ownership transfers to buyer when goods
McGraw-Hill/Irwin
Slide 16
P1 PURCHASE RETURNS AND ALLOWANCES
On November 2nd, Z-Mart purchased $1,200 of merchandise inventory on account, credit terms are 2/10, n/30.
Slide 6
C3
PERPETUAL AND PERIODIC
INVENTORY SYSTEMS
➢ Perpetual systems
➢ continually update accounting records for merchandising transactions
© 2009 The McGraw-Hill Companies, Inc., All Rights Reserved
SERVICE COMPANIES
Service organizations sell time to earn revenue.
McGraw-Hill/Irwin
Slide 8
P1
TRADE DISCOUNTS
Used by manufacturers and wholesalers to offer better prices for greater quantities purchased.
Example
Z-Mart offers a 30% trade discount on orders of 1,000 units or more of their popular
Ownership transfers to buyer when goods
McGraw-Hill/Irwin
Slide 16
P1 PURCHASE RETURNS AND ALLOWANCES
On November 2nd, Z-Mart purchased $1,200 of merchandise inventory on account, credit terms are 2/10, n/30.
Slide 6
C3
PERPETUAL AND PERIODIC
INVENTORY SYSTEMS
➢ Perpetual systems
➢ continually update accounting records for merchandising transactions