Create the merchandising business and its transactions related to an open response problem. It has to be included at least; start with capital contribution from shareholder, 1 purchase of fixed asset, 2 purchase of merchandise transactions, 2 sale transactions, 1 payment to vendor (within discount period), 1 payment to vendor (without discount period), 1 receive from customer (within discount period), 1 receive from customer (without discount period), 1 purchase return transaction, 1 sales return transaction, 4 types of expense transactions. In addition, it has to be included at least 5 adjusting transactions. Use excel tables. You can use the sample excel file attached on sheets.

Note: You can use perpetual or periodic inventory methods and cost assumption methods (FIFO, LIFO or Weighted Average)

Answer rating: 100% (QA)

Ms Rani is an individual who has just completed her graduation She decides to start her own business ... View the full answer