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.
- Obtain a Notes 9-3 handout from your instructor and record your notes through the presentation. You can also view the Notes 9-3 presentation.
Working Together 9-3
- Make a copy of this spreadsheet.
- Place this file in your Chapter 9 folder.
- Rename the file to Lesson 9-3-(Your Initials)
- Complete the spreadsheet according to the directions on page 253 or below.
On Your Own 9-3
- The cash payments journal and the petty cash report for Magic Music are given in the Lesson 9-3 spreadsheet. Work this problem independently. Following the instructions on page 253 or below.
- Complete this self-assessment for Lesson 9-3. You can use your textbook and notes to complete this assessment.
Application Problem 9-3 & 9-4
- Using your Lesson 9-3 spreadsheet, click on the Application Problem 9-3 and Application Problem 9-4 sheets at the bottom left, and complete the problems as directed on page 261 or below.