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Merchandiser's Adjustments and Trial Balance


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LO 1 Use a trial balance for a merchandiser.
LO 2 Prepare the adjusting entries for inventory.
LO 3 Prepare adjusting entries for prepaid and accrued expenses.
LO 4 Compute net sales and net purchases.
LO 5 Compute cost of goods sold.
LO 6 Compute gross profit.
LO 7 Prepare the adjusting entry for accrued revenue.
LO 8 Prepare the adjusting entry for unearned revenue.
LO 9 Appendix 13A—Describe the alternatives in accounting for prepayments.








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