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Accounting Bell Ringer

Accounting Bell Ringer . Tuesday, February 21 BELL RINGER Purchases Journal Short Answer worksheet. . Tuesday, February 21. AGENDA Chapter 9: Lesson 9-2: Journalizing Cash Payment Using a Cash Payments Journal Show Professional Reading for Q3

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Accounting Bell Ringer

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  1. Accounting Bell Ringer Tuesday, February 21 BELL RINGER Purchases Journal Short Answer worksheet.

  2. Tuesday, February 21 AGENDA Chapter 9: Lesson 9-2: Journalizing Cash Payment Using a Cash Payments Journal Show Professional Reading for Q3 This time we are “really” going to complete this task!!!!

  3. CASH PAYMENTS JOURNAL page 242 LESSON 9-2

  4. 1 2 3 4 5 CASH PAYMENT OF AN EXPENSE page 243 November 2. Paid cash for advertising, $150.00. Check No. 292. 1. Write the date. 2. Write the account title. 3. Write the check number. 4. Write the debit amount. 5. Write the credit amount. LESSON 9-2

  5. BUYING SUPPLIES FOR CASH page 243 November 5. Paid cash for office supplies, $94.00. Check No. 293. 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. LESSON 9-2

  6. CASH PAYMENTS FOR PURCHASES Cash payments for purchases: The retail price listed in a manufacturer/wholesalers catalog or on the internet is referred to as the ______ _______. If a business purchases a number of products, the price can be quoted as the list price less the _________ __________. The purchases receives a discount for buying large quantities. When a trade discount is granted, the seller’s invoice shows the _________ _________ ________. This amount after the discount has been deducted is the invoice amount.

  7. The trade discount is calculated as follows in two steps: The list price for 10 ceramic molds in $1500.00. The invoice price is the list price less a 60% trade discount. STEP 1 List Price x trade discount rate = trade discount ________ x _______________ = ___________ STEP 2 Total list price - trade discount = Invoice amount __________ - __________ = ___________

  8. CASH PAYMENTS FOR PURCHASES page 244 November 7. Purchased merchandise for cash, $600.00. Check No. 301. 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. LESSON 9-2

  9. CASH PAYMENTS ON ACCOUNT WITH PURCHASES DISCOUNTS A cash discount is stated as a ____________ deducted from the _________ __________, For example: 2/10, n/30 is a common term of sale which is read: ______ ________, ______ ________. It means ______ of the invoice can be deducted if it is paid within _____ ______ of the invoice date. _______ ________ means that the total invoice amount must be paid with in thirty days.

  10. CASH PAYMENTS ON ACCOUNT WITH PURCHASES DISCOUNTS A business wants to keep track of the purchase discounts so creates (in the chart of accounts) a general ledger account titled purchase discounts. Purchases Discounts _________ the amount journalized in the Purchases journal. An account that reduces a related account on a financial statement is called a _______ _________. On the _________ _________, Purchases Discount is deducted from the balance of its __________ account, Purchases. __________ discounts are not recorded, ______ discounts are.

  11. CASH PAYMENTS ON ACCOUNT WITH PURCHASES DISCOUNTS 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. Check No. 302. Purchase Discounts are calculated: STEP 1 Purchase Invoice x Purchases Discount = Purchases Amount Rate Discount _____________ x _______________ = ___________ STEP 2 Purchase Invoice Amount - Purchases discount = Cash Amount After Discount _________________ - _____________ = ___________

  12. 5 6 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. Check No. 302. 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. LESSON 9-2

  13. CASH PAYMENTS ON ACCOUNT WITHOUT PURCHASES DISCOUNTS page 246 November 13. Paid cash on account to American Paint, $2,650.00, covering Purchase Invoice No. 77. Check No. 303. 1 2 4 5 3 1. Write the date. 2. Write the vendor account title. 3. Write the check number. 4. Write the debit amount. 5. Write the credit amount. LESSON 9-2

  14. TERMS REVIEW page 247 • cash payments journal • cash discount • purchases discount • general amount column • list price • trade discount • contra account LESSON 9-2

  15. ASSIGNMENT • Work Together 9-2 as a Class, pg. 247 LESSON 5-1

  16. LESSON 9-1

  17. LESSON 9-3 Performing Additional Cash Payments Journal Operations

  18. 1 3 4 5 6 7 PETTY CASH REPORT page 248 1. Write the date and custodian name. 2. Write the fund total. 3. Summarize petty cash payments. 2 4. Calculate and write the total payments. 5. Calculate and write the recorded amount on hand. 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. LESSON 9-3

  19. 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 2 LESSON 9-3

  20. 1 6 TOTALING, PROVING, AND RULING A CASH PAYMENTS JOURNAL PAGE TO CARRY TOTALS FORWARD page 250 4 2 3 5 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. Ref. column. 5. Write each column total. 6. Rule double lines. LESSON 9-3

  21. 5 STARTING A NEW CASH PAYMENTS JOURNAL PAGE page 251 1 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. Ref. column. 5. Record the column totals. LESSON 9-3

  22. 1 5 TOTALING, PROVING, AND RULING A CASH PAYMENTS JOURNAL AT THE END OF A MONTH page 252 2 3 4 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. LESSON 9-3

  23. TERMS REVIEW page 253 • cash short • cash over LESSON 9-3

  24. ASSIGNMENT • Work Together 9-3 as a Class, pg. 253 LESSON 5-1

  25. LESSON 9-1

  26. LESSON 9-1

  27. LESSON 9-1

  28. ASSIGNMENT • On Your Own 9-2 on Aplia practice / completion grade, pg. 247 (10 points) • On Your Own 9-3 on Aplia practice / completion grade, pg. 253, (10 points) • Application 9-2: Grade It Now, page 260 • Application 9-3: Grade It Now, page 261 • Define terms for Lessons: 9-1, 9-2, 9-3 • Show me your professional reading book (25 pts.)REMINDER: The first FOUR modules in Everfi (everfi.net) must be complete before interims. LESSON 5-1

  29. Exit Ticket DEFINE THE NINE TERMS FOR LESSON 9-2 and 9-3 PLEASE REMEMBER TO PUT THE BOOKS IN THE CABINET LESSON 5-1

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