Explain the steps in the accounting cycle for a merchandising company.
A company involved in purchasing the finished product from the manufacturer or wholesaler and selling it to customers is known as merchandising company. These types of companies are also known as trading companies.
Answer and Explanation: 1
Accounting cycle for merchandising company:
1. Originating data: The business entity collects the documents reflecting the transactions, such as...
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fromChapter 1 / Lesson 23
Learn about the accounting cycle. Understand what the accounting cycle is, learn the purpose of the accounting cycle, and identify the accounting cycle steps.