Day 8 - Purchasing, Freight, and Other Topics
Prepare Notes on the following topics
- Purchase Transactions
- Purchases (perpetual system)
- Purchases Discounts
- Purchases Returns and Allowances
- debit memorandum
- creditor
- Freight
- FOB
- shipping point
- destination
- delivery expense
- Sales Tax and Trade Discounts
- Sales Taxes
- Trade Discounts
- Adjusting and Closing Process
- Adjusting for Shrinkage
- Closing Entries
- Ratio of Net Sales to Assets
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