| A | B |
|---|
| Merchadise inventory | The amount of goods on hand for sale to customers: |
| Gross profit on sales | The revenue remaining after cost of merchandise sold has been deducted: |
| Supporting schedule | A report prepared to give details about an item on a principlal financial statment: |
| Cost of merchandise of net income | The total original price of all merchandise sold during a fiscal period: |
| Owner's equity statement | A financial statement that summarizes the changes in owner's equity during a fiscal period: |
| Distribution of net income | A partnership financial statement showing net income or loss distribution to partners: |
| Supplies Expense--Office | Expense |
| Purchases | Cost of Merchandise |
| Revenue | Not on account |
| Net Income | Not on account |
| Gross Profit | Not on account |
| Insurance Expense | Expense |
| Merchandise Inventory | Assets |
| Supplies---Store | Assets |
| Kay Myer, Capital | Owner's equity |
| Kay Myer, Drawing | Owner's equity |
| Salary Expense | Expense |
| Sales | Revenue |
| Cash | Assets |
| Cost of Merchandise sold | Not on account |
| Sales Tax Payable | Liability |
| Accounts Receivable | Assets |
| Income Summary | Owner's equity |
| Rent Expense | Expense |
| Accounts Payable | Liability |
| Perpaid Insurance | Assets |
| FICA Tax Payable | Liability |
