Lecture 03: Returns and Allowances. Merchandising Business. [Fundamentals of Accounting]

Welcome to Sir Win - Accounting Lectures. Ang accounting discussion online pero classroom approach. Hindi review, kundi first view. Kaya asahan ang kaunting jokes, kwento at kung ano ano pang mga segwey na nangyayari sa loob ng classroom
Kung gusto nyo ng kwelang kwento habang natuto ng accounting, try nyo pakinggan ang mga paandar ng channel ko. Motto ko sa education, learning while having fun.... at language na dapat naiintindihan. Lapat dapat sa karanasan.
Exercise Problem Link: drive.google.c...
Merchandise Inventory. Periodic. Perpetual. Freight In. Freight Out. FOB Shipping Point. FOB Destination. Finished Goods. Raw Materials. Work in Process. Manufacturing. Gross Method. Net Method. Consignment. FIFO. Average Method. Weighted Average Method. Inventory Estimation. Gross Profit Method. Retail Inventory Method. Mark Up. Mark Down. Net Realizable Value. Purchase. Purchase Return. Purchase Discount. Purchase Allowances. Purchase Commitment. Cost of Goods Sold. Cost of Sale.
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This RUclips channel is made for fun accounting classes.
College students, Senior high schools students with Accountancy, Business and Management ABM strand, or anyone with the need for accounting tutorial online can learn from this channel. It even caters Accounting for Non-Accountants.
It discusses the Basics and Fundamentals of Accounting Partnership and Corporation Accounting, Intermediate Accounting, Advance Financial Accounting and Reporting, Taxation, Management Advisory Services, Auditing Theory, Auditing Problems and some other topics that may be included in CPA Licensure Examinations.
The language used is primarily Tagalog for we are Filipinos living in the Philippines. Accounting Jokes and Life Stories are sometimes incorporated with accounting lessons.
Hope you all enjoy this channel that recreates classroom accounting classes delivered online as accounting tutorial or accounting classes.

[@joananicolelim1342]

pashout out po haha

[@sugarfreeme]

Hello po yung sales returns and allowances, nirerecord pa po ba sa cash receipt journal o sa general journal and ledger lang

[@dianemagallones8840]

Hindi po. CRJ po nirerecord lang ung natatangap na CASH. Sales Receipt Journal po nirerecord ang sales returns and allowances.

[@kylaannegarcia5555]

under equity po ba ang purchase returns and allowances?

[@jfjfjfjfj-pm3im]

no po. Under ng expense ang purchase return and purchase allowances (purchase return and allowance pinaghiwalay lang) pero sila po ay contra account, so ang normal balance niya ay credit

[@larryabulenciacastro8040]

Hello po, okay lang po ba na ang pag record po ng amount is instead na yung binigay po na returns and allowances po ang ilalagay for entry is yung amount po ng mismong list price na deducted po yung binigay na amount for returns and allowances po?
For instances po yung sa transaction nung March 7 po.
Is it okay po na instead of 25,000 po yung amount na ilalagay for entry is ang gagamitin po is 625,000? Thank you po:)

[@jfjfjfjfj-pm3im]

hello. I think no po. Kung gagamitin natin for example ang 625, 000 as amount magiging mali po ang effect sa dalawang entity (buyer and seller)
kung ang magiging entry niya ay
Accounts Payable 625,000
Purchase Return 625,000
edi ang magiging ibig sabihin po niyan nag less ang account payable mo ng 625,000, in fact hindi, dahil 25,000 lang naman po ang binalik niyo at yun lang po ang mababawas sa accounts payable mo na 650,000 mula sa transaction noong March 4.
650,000
-25,000
=625,000, at ito po ang amount ng accounts payable balance niyo before mangyari ang ibang transactions. Hope that helps po.