{"id":263200,"date":"2026-07-14T14:25:34","date_gmt":"2026-07-14T11:25:34","guid":{"rendered":"https:\/\/1kitap1.com\/en\/hospitality-financial-accounting-jerry-j-weygandt\/"},"modified":"2026-07-14T14:25:34","modified_gmt":"2026-07-14T11:25:34","slug":"hospitality-financial-accounting-jerry-j-weygandt","status":"publish","type":"post","link":"https:\/\/1kitap1.com\/en\/hospitality-financial-accounting-jerry-j-weygandt\/","title":{"rendered":"Hospitality Financial Accounting – Jerry J Weygandt"},"content":{"rendered":"
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Examples are automobiles, furniture, and major home appli- ances. The widespread use of computers and electronic scanners now enables many more companies to install perpetual inventory systems. The perpetual inventory sys- tem is so named because the accounting records continuously\u2014perpetually\u2014show the quantity and cost of the inventory that should be on hand at any time. A perpetual inventory system provides better control over inventories than a periodic system. The inventory records show the quantities that should be on hand. So, the goods can be counted at any time to see whether the amount of goods ac- tually on hand agrees with the inventory records.<\/p>\n

Any shortages uncovered can be investigated immediately. A perpetual inventory system does require additional clerical work and additional cost to maintain the subsidiary records. But a com- puterized system can minimize this cost. Purchases of inventory may be made for cash or on account (credit). Purchases are normally recorded when the goods are received from the seller. Every purchase should be supported by business documents that provide written evidence of the Recording Purchases of Merchandise Periodic System In a periodic inventory system, detailed inventory records of the goods on hand are not kept throughout the period.<\/p>\n

The cost of goods sold is determined only at the end of the accounting period\u2014that is, periodically. At that time, a physical in- ventory count is taken to determine the cost of goods on hand (Merchandise In- ventory). To determine the cost of goods sold under a periodic inventory system, the following steps are necessary: (1) Determine the cost of goods on hand at the beginning of the accounting period.<\/p>\n

(2) Add to it the cost of goods purchased. (3) Subtract the cost of goods on hand at the end of the accounting period. Illustration 7-3 graphically compares the sequence of activities and the timing of the cost of goods sold computation under the two inventory systems. Explain the entries for purchases under a perpetual inventory system. Illustration 7-3 Comparing periodic and perpetual inventory systems transaction. Each cash purchase should be supported by a canceled check or a cash register receipt indicating the items purchased and amounts paid.<\/p>\n

Cash purchases are recorded by an increase in Merchandise Inventory and a decrease in Cash. Each credit purchase should be supported by a purchase invoice. This docu- ment indicates the total purchase price and other relevant information. But the pur- chaser does not prepare a separate purchase invoice.<\/p>\n

Instead, the copy of the sales invoice sent by the seller is used by the buyer as a purchase invoice. Illustration 7-4, for example, describes a transaction between Beyer Theme Park and Sellers T- Shirts. Beyer purchases logo T-shirts and other merchandise from Sellers to be sold in its retail outlets all throughout the theme park.<\/p>\n

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This book is printed on acid-free paper. \u0001\u0001 Copyright \u00a9 2005 by John Wiley & Sons, Inc. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the web at www.copyright.com.<\/p>\n

Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008. Limit of Liability\/Disclaimer of Warranty: While publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose.<\/p>\n

No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002.<\/p>\n

Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: Hospitality financial accounting \/ Jerry J. Weygandt … [et al.] p. cm. Includes bibliographical references and index.<\/p>\n

ISBN 0-471-27055-5 (cloth) 1. Hospitality industry\u2014Accounting I. Weygandt, Jerry J. HF5686.H75H66 2003 657\u0002.836\u2014dc21 2003049737 Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 The specimen financial statements (the Appendix) are printed with permission of Hilton Hotels Corporation. The information and trademarks offered herein are the property of Hilton Hotels Corporation.<\/p>\n<\/blockquote>\n

This is a short excerpt from the opening of “” by Unknown, quoted for review and introduction purposes. All rights belong to the copyright holders.<\/em><\/p>\n

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