Module 5

Adjusting Entries for Accruals and Deferrals

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5.0 A Brief Look Inside Merchandising with the Multi-Step Income Statement

A sneak peak of the contents of this module.

5.1 Overview and Terminology of Merchandising Operations + Multi-Step IS

All of your definitions on one page then reset your place on the AIS flowchart before your introduction to the Operating Cycle Flowchart.

5.2 Summary of Transactions from the Buyers and Sellers Perspectives

These are the same transactions that have two perspectives. Learning them simultaneously, side by side is easier and simply a better way to learn.

5.3 FOB Shipping Terms have a Big Impact at the End of the Period

A straightforward discussion using a factory, truck and store to show how shipping terms on the seller invoice determine the accounting transactions.

5.4 Transactions and Statements: Example, Practice and Solution

View an example of the transactions from this chapter, including the tricky one, then practice on your scored sheet. The solution key is below if you need it.

5.5 Multi-Step Income Statement With Margin Ratios

A Concise, one page Multi-Step Income Statement that you will be using for the rest of the course includes definition of the four key margin ratios.

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