9 – Acctg for Purchases and Cash Payments

Competencies:

6320: Accounting

55: Compare the accounting procedures for different types of business ownership and business cycles.
56: Differentiate between a service and a merchandising business.
57: Journalize purchase transactions.
61: Post from journals to general and subsidiary ledgers.
62: Prepare schedules for subsidiary ledgers.
64: Receive vendor invoices for a merchandising business.
71: Summarize the progression from source documents to journals to ledgers to financial reports for a merchandising business.
72: Describe record-organization and retention-schedule procedures for a merchandising business.
Optional: 73: Maintain financial records for a merchandising business, using accounting software.
Optional: 74: Maintain financial records for a merchandising business, using spreadsheet software.

Objectives:

LO1 Distinguish among service, retail merchandising, and wholesale merchandising businesses.
LO2 Identify differences between a sole proprietorship and a corporation.
LO3 Explain the relationship between a subsidiary ledger and a controlling account.
LO4 Describe accounting procedures used in ordering merchandise.
LO5 Discuss the purpose of a special journal.
LO6 Journalize purchases of merchandise on account using a purchases journal.
LO7 Post merchandise purchases to an accounts payable ledger and a general ledger.
LO8 Record cash payments using a cash payments journal.
LO9 Record replenishment of a petty cash fund.
LO10 Post cash payments to an accounts payable ledger and a general ledger.

Section 1:

Section 2:

Mrs. Robison CTE Classes