10/10/2019 Century 21 Accounting Chapter 9 Test A
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Chapter 9 Journalizing Purchases Using a Purchases Journal9-1 JOURNALIZING PURCHASES USING A PURCHASES JOURNALChapter 9 9-1 JOURNALIZING PURCHASES USING A PURCHASES JOURNAL A business with the legal rights of a person and which many persons own is called a corporation. It can own property, incur liabilities, enter into contracts in its own name, and sell ownership in itself. Each unit of ownership in a corporation is called a share of stock. An owner of one or more shares of a corporation is called a shareholder. Total shares of ownership in a corporation are called capital stock. Biggest difference between proprietorship and corporation: CAPITAL ACCOUNT -Proprietorship only has one capital and drawing account.Corporation has separate capital accounts for stock issued and for the earnings kept in the business.Merchandising Business purchases and sell goods.Chapter 9 Merchandising Business purchases and sell goods.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning. Objectives: Define accounting terms related to purchases and cash payments for a merchandising business; Identify accounting concepts and practices related to. LESSON 9-1: Journalizing Purchases Using a Purchases Journal.
Retail - Sells to consumers Wholesale - Sells to retailers Special Journal: A journal used to record only ONE type of transaction. Five Special Journals used: Purchases journal - ALL purchases of merchandise on account. Cash payments journal - ALL cash payments.
Sales journal - ALL sales of merchandise on account. Cash receipts journal - ALL cash receipts. 5.General journal - ALL other transactions.PURCHASING MERCHANDISEChapter 9 PURCHASING MERCHANDISE Cost of Merchandise Sold: The price a business pays for goods it purchases to sell. Markup: The amount added to the cost of merchandise. Purchases is classified as a cost account.
Has a normal debit balance. It is a temporary account. Only used for merchandise purchased - NOT SUPPLIESChapter 9 PURCHASES ON ACCOUNT page 236 A transaction in which merchandise purchased is to be paid for later is called a purchase on account.
To avoid a bulky general ledger, the total amount owed to vendors is summarized in a single general ledger account Accounts Payable.Chapter 9 PURCHASES JOURNAL page 237 A purchases journal is a special journal used ONLY to record purchases of merchandise on account. Hobby Shack uses a special amount column because all purchase on account transactions involve purchases debit and acct. Pay credit.PURCHASE INVOICE A source document for purchase on accountsChapter 9 PURCHASE INVOICE A source document for purchase on accounts page 238 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 ACCOUNTChapter 9 PURCHASING MERCHANDISE ON ACCOUNT page 239 November 2. Purchased merchandise on account from Crown Distributing, $2, Purchase Invoice No. 2 1 3 4 1.Write the date.
2.Write the vendor name. 3.Write the purchase invoice number. 4.Write the amount of the invoice.TOTALING AND RULING A PURCHASES JOURNALChapter 9 TOTALING AND RULING A PURCHASES JOURNAL page 240 1 4 5 3 2 6 1.Rule a single line across the amount column.
4.Add the amount column. 5.Write the total. 2.Write the date. 6.Rule double lines across the amount column. 3.Write the word Total.9-2 JOURNALIZING CASH PAYMENTS USING A CASH PAYMENTS JOURNALChapter 9 9-2 JOURNALIZING CASH PAYMENTS USING A CASH PAYMENTS JOURNAL page 242 A special journal used to record ONLY cash payment transactions.CASH PAYMENT OF AN EXPENSEChapter 9 CASH PAYMENT OF AN EXPENSE page 243 November 2. Paid cash for advertising, $ Check No.
1 2 3 4 5 1.Write the date. 2.Write the account title. 3.Write the check number.
4.Write the debit amount. 5.Write the credit amount.BUYING SUPPLIES FOR CASHChapter 9 BUYING SUPPLIES FOR CASH page 243 November 5. Paid cash for office supplies, $ Check No.
1 2 3 4 5 1.Write the date. 2.Write the account title.
3.Write the check number. 4.Write the debit amount. 5.Write the credit amount.CASH PAYMENTS FOR PURCHASESChapter 9 CASH PAYMENTS FOR PURCHASES page 244 November 7.
Purchased merchandise for cash, $ Check No. 2 1 3 4 5 1.Write the date. 2.Write the account title. 3.Write the check number. 4.Write the debit amount. 5.Write the credit amount.CASH PAYMENTS ON ACCOUNT WITH PURCHASES DISCOUNTSChapter 9 CASH PAYMENTS ON ACCOUNT WITH PURCHASES DISCOUNTS page 245 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. 5 6 1 2 4 3 1.Write the date. 2.Write the account title of the vendor. 3.Write the check number. 4.Write the debit amount. 5.Write the credit amount. 6.Write the credit amount.9-3 PERFORMING ADDITIONAL CASH PAYMENTS JOURNAL OPERATIONSChapter 9 9-3 PERFORMING ADDITIONAL CASH PAYMENTS JOURNAL OPERATIONS page 248 1 PETTY CASH REPORT 1.Write the date and custodian name.
2 2.Write the fund total. 3 3.Summarize petty cash payments. 4 4.Calculate and write the total payments. 5 6 5.Calculate and write the recorded amount on hand. 7 8 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.REPLENISHING A PETTY CASH FUNDChapter 9 REPLENISHING A PETTY CASH FUND page 249 1.Date 2.Account titles 3.Check number 4.Expense amounts 5.Cash short as a debit; cash over as a credit 6.Total cash payment 4 5 6 1 3 2Chapter 9 TOTALING, PROVING, AND RULING A CASH PAYMENTS JOURNAL PAGE TO CARRY TOTALS FORWARD page 250 1 4 2 3 5 6 1.Rule a single line. 2.Write the date. 3.Write the words Carried Forward in the Account Title column.
4.Place a check mark in the Post. 5.Write each column total. 6.Rule double lines.STARTING A NEW CASH PAYMENTS JOURNAL PAGEChapter 9 STARTING A NEW CASH PAYMENTS JOURNAL PAGE page 251 1 5 2 3 4 1.Write the journal page number. 2.Write the date. 3.Write the words Brought Forward in the Account Title column. 4.Place a check mark in the Post. 5.Record the column totals.Chapter 9 TOTALING, PROVING, AND RULING A CASH PAYMENTS JOURNAL AT THE END OF A MONTH page 252 1 2 3 4 5 1.Rule a single line.
2.Write the date. 3.Write the word Totals in the Account Title column. 4.Write each column total. 5.Rule double lines.9-4 JOURNALIZING OTHER TRANSCATIONS USING A GENERAL JOURNALChapter 9 9-4 JOURNALIZING OTHER TRANSCATIONS USING A GENERAL JOURNAL page 254 Memorandum for buying supplies on account.BUYING SUPPLIES ON ACCOUNTChapter 9 BUYING SUPPLIES ON ACCOUNT page 255 November 6. Bought store supplies on account from Gulf Craft Supply, $ Memorandum No. 2 4 3 7 1 6 5 1.Write the date. 5.Write the account title and vendor name.
2.Write the account title. 6.Place a diagonal line in the Post. 3.Write the memorandum number. 4.Write the debit amount. 7.Write the credit amount.DEBIT MEMORANDUM FOR PURCHASES RETURNS AND ALLOWANCESChapter 9 DEBIT MEMORANDUM FOR PURCHASES RETURNS AND ALLOWANCES page 256 Purchases Return- Credit allowed for the purchase price of returned merchandise decreasing customer’s accounts payable. Purchases Allowance - Credit allowed for part of the purchase price of merchandise that is not returned, decreasing customer’s acct. Debit Memo - source document used to show decrease in vendor acct.JOURNALIZING PURCHASES RETURNS AND ALLOWANCESChapter 9 JOURNALIZING PURCHASES RETURNS AND ALLOWANCES page 257 November 28.
Returned merchandise to Crown Distributing, $252.00, covering Purchase Invoice No. Debit Memorandum No. 2 5 1 3 4 6 7 1.Write the date. Write debit memorandum number. 2.Write the account title and vendor name.
Write the amount. Write Purchases Returns and Allow. 3.Place a diagonal line in the Post. Write the amount.
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