Day 91

After studying Chapter 9, you will be able to:

  1. Define accounting terms related to purchases and cash payments for a merchandising business.
  2. Identify accounting concepts and practices related to purchases and cash payments for a merchandising business.
  3. Journalize purchases of merchandise using a purchases journal.
  4. Journalize cash payments and cash discounts using a cash payments journal.
  5. Prepare a petty cash report and journalize the reimbursement of the petty cash fund.
  6. Total, prove, and rule a cash payments journal and start a new cash payments journal page.
  7. Journalize purchases returns and allowances and other transactions using a general journal. 

Part 2 Folder

  1. Open your Accounting folder.
  2. Click the New button and select folder.
  3. Name the new folder Part 2.

Chapter 9 Folder

  1. Inside of your Part 2 folder, create a new folder titled Chapter 9.  All your tasks completed in Chapter 9 should be stored in this folder.

Notes 9-1

  1. Obtain a Notes 9-1 handout from your instructor and record your notes through the presentation.  You can also view the Notes 9-1 presentation.

Working Together 9-1

  1. Make a copy of this spreadsheet.
  2. Place this file in your Chapter 9 folder.
  3. Rename the file to Lesson 9-1-(Your Initials)
  4. Complete the spreadsheet according to the directions on page 241 or below.

On Your Own 9-1

  1. The purchases journal for Classic Gifts, Inc. is given in the Lesson 9-1 spreadsheet.  Work this problem independently.  Following the instructions on page 241 or below.

Self-Assessment 9-1

  1. Complete this self-assessment for Lesson 9-1.  You can use your textbook and notes to complete this assessment. 

Application Problem 9-1

  1. Using your Lesson 9-1 spreadsheet, click on the Application Problem 9-1 sheet at the bottom left, and complete the problem as directed on page 260 or below.