Business Administration 2257 FIRST CHEATSHEET.docx

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Department
Business Administration
Course
Business Administration 2257
Professor
Milford Green
Semester
Winter

Description
  Merchandise inventory checklist Order  # FOB Terms Credit Terms Purchase Invoice Price  (+) Duty (+) Freight (+) Discount (­) Purchase Returns (­) Return Duty (­) Return Freight (­) Return Discount (+) Net Purchase *Total Units Cost/Unit *Don’t forget to subtract any units  that were returned (if applicable). Remember to list purchases in the  NOTE: Other current assets include: Prepaid Rent, Prepaid Insurance, etc. Norder of ownership!nsaction: DR Inventory NOTE: Liabilities should be split up into Short­term liabilities (Accounts Payable, Salaries             CR Cash Payable, Income Tax Payable, Unearned Revenue, Current Portion Bank Loan) and Long­ HOWEVER, if we have not paid for inventory  on credit by FYE: DR Inventory             CR A/P Purchasing Stock: Investor purchases $20,000 of corporate stock. DR Cash 20,000            CR Common Stock 20,000 Dividends/Drawings: The board of directors of a corporation declares and  NOTE: Importer always pays duty, regardless of FOB. (This only applies for out­of­country purchases.) ALWAYS use the  price company paid  (not necessarily “list  price”) for an asset’s  historical cost. NOTE:  Always round to nearest half month for everything! Book Va
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