After studying Chapter 9, you will be able to:
- Define accounting terms related to purchases and cash payments for a merchandising business.
- Identify accounting concepts and practices related to purchases and cash payments for a merchandising business.
- 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 of the petty cash fund.
- Total, prove, and rule a cash payments journal and start a new cash payments journal page.
- Journalize purchases returns and allowances and other transactions using a general journal.
Part 2 Folder
- Open your Accounting folder.
- Click the New button and select folder.
- Name the new folder Part 2.
Chapter 9 Folder
- 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.
- Obtain a Notes 9-1 handout from your instructor and record your notes through the presentation. You can also view the presentation here.
Working Together 9-1
- Make a copy of this spreadsheet.
- Place this file in your Chapter 9 folder.
- Rename the file to Lesson 9-1-(Your Initials)
- Complete the spreadsheet according to the directions on page 241 or below.
On Your Own 9-1
- 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.
- Complete this self-assessment for Lesson 9-1. You can use your textbook and notes to complete this assessment.
Application Problem 9-1
- 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.