BUSINESS High School - Accounting I

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Presentation transcript:

BUSINESS High School - Accounting I Contra Accounts Chart of Accounts Accounting for a Merchandising Business Purchases and Cash Payments Chapters 15 & 17 Purchases Accounts Payable Subsidiary Ledger Content Vocabulary: Debit Memo Purchases, Returns and Allowances Purchases Discounts FOB Destination FOB Shipping Point Schedule of Accounts Payable Special Journals Proving Cash Purchases Cash Payments Accounting 1 Essential Learning Expectations-Chapters 15 & 17: The Purchases account is used to record the cost of merchandise purchased. A Purchases Journal is used to record purchases made on account. The Purchases Discounts account is used to record cash discounts offered by suppliers. The Cash Payments Journal is used to record all payments of cash. The Transportation In account is used to record any shipping charges applied to merchandise.