Dec 03, 2012 · 2
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Merchandise balance sheet

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Jan 13, 2009 · Closing merchandise inventory belongs on both the income statement and the balance sheetThe bookkeeper also triggers a numerical dent in the merchandise account by crediting the inventory account and debiting the "cost of goods sold" account
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A balance sheet, on the other hand, looks at a longer period of time typically a calendar quarter or year

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The post closing trial balance is a list of all accounts and their balances after the closing entries have been journalized and posted to the ledger
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    A journal entry transfers costs from the Balance Sheet to the Income StatementThe price lists from suppliers indicate the current replacement cost of the item to be $171 each
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    The cost of ending merchandise inventory is important because it is usually one of the largest assets on merchandise companies' balance sheetsNote that inventories almost always appear under "Current assets" because firms consider them relatively liquid assets
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    Dec 31, 2011 · Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements

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