Special Journals - Purchases and Cash Payments Journal

In class we continued working with special journals to record transactions for a merchandising corporation.  We looked at transactions that affect the Purchases Journal and the Cash Payments Journal. 

The homework is listed below and the notes are attached.

Notes - Purchases and Cash Payments Journal

HW - read/look over 18.1/18.2

Special Journals - Sales and Cash Receipts Journal

In class we reviewed two special journals used by a merchandising corporation.  Afterwards, students completed 16-6.

The homework is listed below.

HW - Finish 16-6 to be turned in.
          Read Chapter 17

Special Journals

In class students were introduced to a number of new journals they will encounter while recording transactions for a merchandising corporation:

1) Sales Journal
2) Cash Receipts Journal
3) Purchases Journal
4) Cash Payments Journal

*The General Journal will still be used, but sparingly, going forward for transactions that cannot be recorded in one of the above journals.

The notes are attached and the homework is listed below.

Notes - Special Journals - Sales and Cash Receipts

HW - Finish/Submit any missing work by Friday, March 27th

Purchases Cont.

In class students completed 15-10 which dealt with purchases of merchandise.  Afterwards, we finished the movie Too Big to Fail. 

HW - Read Chapter 16 - Specials Journals

Recording Purchases (cont.)

In class students completed 15-8 and 15-9 in the general journal.  Afterwards, we finished the movie Too Big to Fail.

HW - Finish 15-8/15-9 to be turned in
          Read 16.1

Accounting Quiz - Accounting for Sales Receipts

In class students took a quiz on accounting for sales and sales receipts.  There is no homework.

Accounting for Purchases

In class we reviewed how to record transactions for sales.  Afterwards, we moved on to recording general journal transactions for purchases (inventory, supplies and equipment). 

The notes are attached and the homework is listed below.

Notes - Accounting for Purchases

HW - Finish 15-6 in the General Journal
          *Study for Chapter 14 Quiz*

Accounting fo Cash and Cash Receipts

In class student learned how to record cash sales, credit (on account) sales, sales discounts and sales returns and allowances.  We completed 14-7 together and I have attached the document below:

Answer Key - 14-7

The notes are attached and the homework is listed below.

Notes - Cash Sales and Receipts

HW - Read 15.1 -15.2

Accounting for a Merchandising Corporation

In class students learned about the accounting cycle for a retail corporation (ex. Walmart, Best Buy etc.).  Students were also introduced to a number of new accounts they will be using to record transactions including Sales Tax Payable, Sales Returns and Allowances, Merchandise Inventory, etc. 

HW - Read Chapter 14.3

Quiz - Payroll Cycle

In class students took a quiz on the payroll cycle.

HW - Read Chapters 14.1 and 14.2