Uthena

Course description

Merchandising transaction, those transaction that deal with inventory, including the purchase of inventory and the sale of inventory. We will discuss related topics including sales discounts, purchase discounts, sales return and allowances, shrinkage and the cost of goods sold calculation. We will also compare and contrast a perpetual inventory system and periodic inventory system, listing and describing the pros and cons of each, explaining when each may be most appropriate in practice.  

In addition to instructional video, this course will include downloadable

  • Downloadable PDF Files
  • Excel Practice Files
  • Multiple Choice Practice Questions
  • Short Calculation Practice Questions
  • Discussion Questions


The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.

Excel practice files will be preformatted so that we can focus on the adjusting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.

Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple choice questions and discussing how to approach these questions.

Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.

Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.

Who will we be learning from?

You will be learning from somebody who has technical experience in accounting concepts and in accounting software like QuickBooks, as well as experience teaching and putting together curriculum.

You will be learning from somebody who is a:

  • CPA – Certified Public Accountant
  • CGMA – Chartered Global Management Accountant
  • Master of Science in Taxation
  • CPS – Certifies Post-Secondary Instructor
  • Curriculum Development Export


As a practicing CPA the instructor has worked with many technical accounting issues and helped work through them and discuss them with clients of all levels.

As a CPS and professor, the instructor has taught many accounting classes and worked with many students in the fields of accounting, business, and business applications.

The instructor also has a lot of experience designing courses and learning how students learn best and how to help students achieve their objectives. Experience designing technical courses has also benefit in being able to design a course in a logical fashion and deal with problems related to technical topics and the use of software like QuickBooks Pro.

Who is the target audience?

  • Accounting students
  • Business owner
  • Anyone who whats to learn accounting

Course curriculum

  • 1

    Introduction

  • 2

    Accounting Fundamentals and Merchandising Accounting Cycle

  • 3

    Merchandising Transaction Overiew

    • 3 Merchandising Transactions Overview

      FREE PREVIEW

    • PDF 20 Merchandising transaction intro

    • 20 500 - Merchandising Transaction Explained Purchaser and Se

    • PDF 30 Merchandising Transaction purchase on account

    • 30 500 Merchandising Transaction Journal Entry Purchaser

    • PDF 40 Merchandising sale journal entry

    • 40 500 Merchandising Transaction Sales Journal Entry - COGS Jou

    • Discussion Question

  • 4

    Perpetual and Periodic Inventory Systems

    • 4 Perpetual and Periodic Inventory Systems Overview

      FREE PREVIEW

    • PDF 10 Perpetual Inventory System

    • 5 Perpetual Inventory System

    • Excel Worksheet Download

    • Worksheet - 10 Perpetual Final

    • 10 Worksheet - Perpetual Inventory System

    • PDF 5 Periodic Inventory System

    • 10 Periodic Inventory System

    • Worksheet - 20 Periodic Final

    • 20 Worksheet Periodic System

    • PDF 15 Perpetual vs Periodic

    • 15 Perpetual vs. Periodic Inventory System

    • Discussion Forum
  • 5

    Sales Discount & Purchase Discount

    • 5 Sales Discount %26 Purchase Discount Overview

      FREE PREVIEW

    • PDF 50 Sales discount vs purchase discount

    • 50 500 Sales Discount VS. Purchase Discount

    • PDF 60 Merchandising Transaction purchase on account DIscount

    • 60 500 Purchase Discount Journal Entry Explained

    • PDF 70 Sales discount journal entry

    • 70 500 Sales Discount Explained Journal Entry Record Discou

    • Worksheet - 30 Discounts Final

    • 30 Worksheet Purchase Discount & Sales Discount

    • Discussion Question
  • 6

    Inventory Shrinkage & Sales Returns

    • 6 Inventory Shrinkage %26 Sales Returns

      FREE PREVIEW

    • PDF 90 Inventory Shrinkage

    • 90 Inventory Shrinkage

    • Worksheet - 40 Shrinkage Final

    • Worksheet 40 Inventory Shrinkage

    • PDF 100 Sales Return

    • 100 Sales Return & Allowance Transaction

    • Worksheet - 50 Sales Return Final

    • 50 Worksheet - Sales Return

    • 10 Multiple Choice Questions Merchandising Company

    • Discussion Question

  • 7

    Financial Statements - Merchandising Company

  • 8

    Merchandising Transaction Problem

    • Excel File To Download

    • 60 500.10 Merchandising Ex Part 1-Accounting%2C Financial (2)

    • 70 500.20 Merchandising Ex Part 2-Accounting%2C Financial (1)

    • 80 500.30 Merchandising Ex Part 3-Accounting%2C Financial (1)

    • 90 500.40 Merchandising Ex Part 4-Accounting%2C Financial (1)

    • Multiple Choice Questions Merchandising Company

    • Short Calculation Questions

    • Discussion Question
  • 9

    Comprehensive Problem

    • Excel Worksheet Download

      FREE PREVIEW

    • Download Excel Files

    • 1 Accounting%2C Financial - Comp Problem Merchandising Co Journal Entries Part 1

    • 2 Accounting%2C Financial - Comp Problem Merchandising Co Journal Entries Part 2 (1)

    • 3.5 Accounting%2C Financial - Comp Problem Merchandising Co Journal Entries Part 3.5

    • 4 Accounting%2C Financial - Comp Problem Merchandising Co %282%29. Journal Entries Part 4

    • 5 Accounting%2C Financial - Comp Problem Merchandising Co. Journal Entries Part 5

    • 6 Comp Problem Merchandising Co. Adjusting Entries Part 6

    • 7 Accounting%2C Financial - Comp Problem Merchandising Co. Adjusting Entries Part 7

    • 8 Accounting%2C Financial - Comp Problem Merchandising Co. Financial Statements Part 8

    • 9 Accounting%2C Financial - Comp Problem Merchandising Co. Financial Statements Part 9

    • 10 Accounting%2C Financial - Comp Problem Merchandising Co. Financial Statements Part 10

    • 11 Accounting%2C Financial - Comp Problem Merchandising Co. Financial Statements Part 11

    • 12 Accounting%2C Financial - Comp Problem Merchandising Co. Closing Entries Part 12 (1)

    • 13 Accounting%2C Financial - Comp Problem Merchandising Co. Closing Entries Part 13

    • Discussion Question

  • 10

    Definitions & Key Terms

    • 45 Invoice Definition - What is Invoice%3F

    • Cash Discount Definition - What is a Cash Discount%3F

    • Credit Memorandum Definition - What is a Credit Memorandum%3F

    • Credit Period Definition -What is a Credit Period%3F

    • Credit Terms Definition -What are Credit Terms%3F

    • FOB Definition%2C Free on Board - FOB Shipping Point - FOB Destination - What is FOB%3F (1)

    • Gross Margin Definition - What is Gross Margin%3F

    • Gross Margin Ratio Definition

    • Gross Profit Definition - What is Gross Profit%3F

    • Gross Profit Ratio Definition - What is gross profit ratio

    • Inventory Definition

    • Merchandise Definition

    • Multiple-Step Income Statement Definition - What is a Multiple-Step Income Statement%3F

    • Periodic Inventory System Definition - What is Periodic Inventory System%3F

    • Perpetual Inventory System Definition - What is Perpetual Inventory System%3F

    • Purchase Discount Definition - What is Purchase Discount%3F

    • Sales Discount Definition - What is sales discount%3F

    • Shrinkage Definition - What is Shrinkage%3F

    • Single-Step Income Statement - What is a Singe-Step Income S

    • Trade Discount Definition - What is a Trade Discount

    • Wholesaler Definition - What is a Wholesaler%3F

Meet your instructor!

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI


Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.  

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).  

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.  

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.  

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.  

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.  

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.  

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.  

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.  

Take this course today!

"Financial Accounting – Merchandising Transactions"

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