EXPANDED JOURNAL Lesson 10-1, page 229.

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Presentation transcript:

EXPANDED JOURNAL Lesson 10-1, page 229

PURCHASING MERCHANDISE FOR CASH November 1. Purchased merchandise for cash, $575.00 Check No. 290. Cash Purchases 1. Which accounts are affected? Purchases Cash Debit Normal Balance 575.00 2. How is each account classified? Purchases is a cost account. Cash is an asset account.  Debit Normal Balance 3. How is each classification changed? Costs are increased. Assets are decreased. 575.00  4. How is each amount entered in the accounts? Costs increase on the debit side. Assets decrease on the credit side. Lesson 10-1, page 231

PURCHASING MERCHANDISE FOR CASH  1 6 3 2 4 5 1. Write the date. 2. Place a check mark in the Account Title column to show that no account title is needed. 3. Write the check number. 4. Place a check mark in the Post. Ref. column to show that amounts are not to be posted individually. 5. Write the debit amount. 6. Write the credit amount. Lesson 10-1, page 231

TERMS REVIEW partnership partner merchandising business retail merchandising business merchandise wholesale merchandising business cost of merchandise markup vendor Lesson 10-1, page 232