Notes

advertisement
Learning Targets Chapter 9


I will be responsible for knowing and understanding the
following concepts:

Accounting Terms Related to the purchases and cash payments
journals

Accounting Concepts and Practices related to the purchases and cash
payments journals

Journalize Purchases of Merchandise using a purchases journal

Journalize Cash Payments and Cash Discounts using a cash payments
journal

Prepare a petty cash report and journalize the reimbursement

Total, prove, and rule a cash payments journal

Journalize purchases returns, and allowances.
I will be able to listen to my instructor and take notes, be an
active participant as needed.
Learning Targets 9-1

I will be responsible for knowing and understanding the
following concepts:

Journalizing Purchases and Using a Purchases Journal

Merchandising Businesses

Corporations

Special Journals

I will be able to listen to my instructor and take notes, be an
active participant as needed.

I will complete 9-1 Workbook activities as assigned
TechKnow Consulting

Merchandising Business
 Retail
vs Wholesale
What are some merchandising and services
businesses in the area?

Corporation
 Share
of Stock, Capital Stock, Stockholder
Why might a business form a corporation?
LESSON 9-1
3
Expanding the Ledger-Special Journals
Used to record similar types of transactions.
If a transaction cannot be recorded in a special journal, the
company records it in the general journal.
LESSON 9-1
4
PURCHASING MERCHANDISE
Cost of
Merchandise
Markup
Vendor
Purchases Account
-Temporary account
- reduces capital
- has a normal debit balance
PURCHASES ON ACCOUNT
PURCHASES JOURNAL: A special journal used to
record ONLY Purchases of merchandise ON
ACCOUNT
-A purchase on account transaction is recorded on only one
line of the purchases journal
-A purchase made for cash IS NOT recorded in this journal
-Every purchase on account will have a purchase invoice
issued from the vendor.
PURCHASE INVOICE
1
4
2
3
1. Stamp the date received and
purchase invoice number.
3. Initials of the person who
checked the invoice.
2. Place a check mark by each amount.
4. Review the vendor’s terms.
PURCHASING MERCHANDISE
ON ACCOUNT
November 2. Purchased merchandise on account from Crown
Distributing, $2,039.00. Purchase Invoice No. 83.
2
1
1.
2.
3.
4.
Write the date.
Write the vendor name.
Write the purchase invoice number.
Write the amount of the invoice.
3
4
TOTALING AND RULING A
PURCHASES JOURNAL
1
3
4
5
2
1. Rule a single line across
the amount column.
2. Write the date.
3. Write the word Total.
4. Add the amount column.
5. Write the total.
6. Rule double lines across
the amount column.
6
Classwork/Homework

Work Together 9-1 pg. 241, WB pg. 193

On Your own 9-1 pg. 241 WB pg. 194
LESSON 9-1
11
Learning Targets 9-2

I will be responsible for knowing and understanding the
following concepts:

Accounting terms related to cash payments for a merchandising
business

Accounting practices as they relate to cash payments for a
merchandising business

Accounting practices as they relate to the Cash Payments Journal

I will be able to listen to my instructor and take notes, be an
active participant as needed.

I will complete 9-2 Workbook activities as assigned
Expanding the Ledger-Special Journals
Used to record similar types of transactions.
If a transaction cannot be recorded in a special journal, the
company records it in the general journal.
13
Cash Payments Journal

Cash discount – a deduction that a vendor allows on the
invoice amount to encourage prompt payment

Purchases discount – cash discount on purchases taken by
a customer. The customer pays less than the invoice
amount previously recorded in the purchases account.
14
Cash Payment of an Expense
November 2. Paid cash for advertising, $150.00. Check No. 292.
1
1.
2.
3.
4.
5.
2
Write the date.
Write the account title.
Write the check number.
Write the debit amount.
Write the credit amount.
3
4
5
15
Cash Payment for Supplies
November 5. Paid cash for office supplies, $94.00. Check No. 293.
1
1.
2.
3.
4.
5.
2
3
4
5
Write the date.
Write the account title.
Write the check number.
Write the debit amount.
Write the credit amount.
16
Cash Payments for Purchases
November 7. Purchased merchandise for cash, $600.00. Check
No. 301.
2
1
1.
2.
3.
4.
3
4
5
Write the date.
Write the account title.
Write the check number.
Write the debit amount.
17
Cash Payments on Account
with Purchases Discount
November 8. Paid cash on account to Gulf Craft Supply, $488.04,
covering Purchase Invoice No. 82 for $498.00, less 2% discount,
$9.96. Check No. 302.
5
1
1.
2.
3.
4.
5.
2
4
3
Write the date.
Write the account title of the vendor.
Write the check number.
Write the debit amount.
Write the credit amount.
18
6
Cash Payments on Account
Without purchases Discounts
November 13. Paid cash on account to American Paint, $2,650.00,
covering Purchase Invoice No. 77. Check No. 303.
1
2
4
5
3
1.
2.
3.
4.
5.
Write the date.
Write the vendor account title.
Write the check number.
Write the debit amount.
Write the credit amount.
19
Classwork/Homework

Work Together 9-2 pg. 247, WB pg. 195

On your Own 9-2 pg. 247 WB pg. 196
20
Learning Targets 9-3

I will be responsible for knowing and understanding the
following concepts:

Accounting terms related to cash payments for a merchandising
business

Accounting practices as they relate to cash payments for a
merchandising business

Accounting practices as they relate to the petty cash / petty cash
reports

I will be able to listen to my instructor and take notes, be an
active participant as needed.

I will complete 9-3 Workbook activities as assigned
Petty Cash Report
1. Write the date and
1
custodian name.
2. Write the fund total.
3. Summarize petty cash
payments.
4. Calculate and write the
3
total payments.
5. Calculate and write the
recorded amount on
hand.
5
6. Write the actual amount of cash on hand.
7. Subtract the actual amount on hand from the
recorded amount on hand and write the amount.
8. Write the total of the replenish amount.
2
4
6
7
22
8
Replenishing a Petty Cash Fund
1.
2.
3.
4.
5.
Date
Account titles
Check number
Expense amounts
Cash short as a debit;
cash over as a credit
6. Total cash payment
4
5
6
1
3
23
TOTALING, PROVING, AND RULING A
CASH PAYMENTS JOURNAL PAGE TO
CARRY TOTALS
FORWARD
1
2
1.
2.
3.
4.
5.
6.
3
4
5
Rule a single line.
Write the date.
Write the words Carried Forward in the Account Title column.
Place a check mark in the Post. Ref. column.
Write each column total.
Rule double lines.
24
6
Starting a New Cash
payments Journal Page
2
1.
2.
3.
4.
5.
3
4
1
5
Write the journal page number.
Write the date.
Write the words Brought Forward in the Account Title column.
Place a check mark in the Post. Ref. column.
Record the column totals.
25
TOTALING, PROVING, AND RULING A CASH
PAYMENTS JOURNAL AT THE END OF A MONTH
1
2
3
1.
2.
3.
4.
5.
4
Rule a single line.
Write the date.
Write the word Totals in the Account Title column.
Write each column total.
Rule double lines.
5
26
Classwork / Homework

WT 9-3 TB: 253 WB: 197

OYO 9-3 TB: 253 WB: 198
27
Learning Targets 9-4

I will be responsible for knowing and understanding the
following concepts:

Accounting terms related to purchases returns and allowances

Accounting practices as they relate to purchases returns and
allowances for a merchandising business

Journalize purchases returns and allowances and other
transactions using a general journal.

I will be able to listen to my instructor and take notes, be an
active participant as needed.

I will complete 9-4 Workbook activities as assigned
Expanding the Ledger-Special Journals
Used to record similar types of transactions.
If a transaction cannot be recorded in a special journal, the
company records it in the general journal.
LESSON 9-1
29
Journalizing Other Transactions Using a
General Journal

-Buying office supplies on account for use by
employees

-Purchases returns and Allowances
-
Purchases return – returned merchandise resulting in a
decrease in the customer’s accounts payable
-
Purchases allowance – credit allowed for part of the
purchase price resulting in a decrease in A/P (damaged or
incorrect merchandise)
-
Contra account to Purchases – has a normal credit balance
30
Buying Supplies on Account
November 6. Bought store supplies on account from Gulf Craft
Supply, $210.00. Memorandum No. 52.
2
3
1
1. Write the date.
2. Write the account title.
3. Write the memorandum
number.
4. Write the debit amount.
LESSON 9-1
4
5
7
6
5. Write the account title and
vendor name.
6. Place a diagonal line in the
Post. Ref. column.
7. Write the credit amount.
31
Debit Memorandum
LESSON 9-1
32
Journalizing Purchases Returns and
Allowances
November 28. Returned merchandise to Crown Distributing, $252.00,
covering Purchase Invoice No. 80. Debit Memorandum No. 78.
2
5
1
4
6
1. Write the date.
2. Write the account title and
vendor name.
3. Place a diagonal line in the
Post.
Ref. column.
LESSON 9-1
4.
5.
6.
7.
3
7
Write debit memorandum number.
Write the amount.
Write Purchases Returns and Allow.
Write the amount.
33
Homework / Classwork

WT: 9-4 TB pg 258 / WB pg 199

OYO: 9-4 TB pg 258 / WB pg 199
LESSON 9-1
34
Download
Related flashcards

Accounting

28 cards

Auditing

19 cards

Accounting software

65 cards

KPMG people

17 cards

Scottish accountants

27 cards

Create Flashcards