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Explain in detail about the MERCHANDISE INVENTORY
Cost of merchandise purchased during an accounting period is debited to Purchases account. To determine VALUE of the goods on hand, it is essential to take an inventory-a physical count. Value of the goods on hand is then recorded in an ASSET account entitled MERCHANDISE INVENTORY.
Merchandise Inventory is decreased by the value of BEGINNING MERCHANDISE INVENTORY and it's increased by the value of ENDING MERCHANDISE INVENTORY.
Mohan brothers invoiced goods to their branch at cost plus 33.33%. All the cash collected by branch is banked on the same day to the credit of head office. All expenses are paid by
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I need help with the journal entries for chapters 8 & 9 of this project.
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Q. Explain about perpetual inventory procedure? When discussing inventory we require clarifying whether we are referring to the physical goods on hand or the Merchandise Invent
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Q. Explain about Amortize? Amortize -- to charge a regular part of an expenditure over a fixed period of time. Forinstance if something cost $100 and is to be amortized over te
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