Chapter 9, Section 2.  Used to record payments of cash  Cash is always credited  Special vs. General amount columns.

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Presentation transcript:

Chapter 9, Section 2

 Used to record payments of cash  Cash is always credited  Special vs. General amount columns

November 2. Paid cash for advertising, $ Check No Write the date. 2.Write the account title. 3.Write the check number. 4.Write the debit amount. 5.Write the credit amount

November 5. Paid cash for office supplies, $ Check No Write the date. 2.Write the account title. 3.Write the check number. 4.Write the debit amount. 5.Write the credit amount

 List price Retail price listed in a catalog or on an Internet site  Trade discount Reduction in the list price granted to customers Only the final price is recorded in journal (CONCEPT: Historical Cost)

November 7. Purchased merchandise for cash, $ Check No (List price: $1,500; Trade discount: 60%) 1.Write the date. 2.Write the account title. 3.Write the check number. 4.Write the debit amount. 5.Write the credit amount

November 13. Paid cash on account to American Paint, $2,650.00, covering Purchase Invoice No. 77. Check No Write the date. 2.Write the vendor account title. 3.Write the check number. 4.Write the debit amount. 5.Write the credit amount

 Cash discount Deduction that a vendor allows on the invoice amount to encourage prompt payment.  Terms of sale – 2/10, n/30  Purchases Discount Cash discount on purchases taken by a customer Contra account – account that reduces a related account on a financial statement Purchases Discount Credit Normal Balance  

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 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 Write the credit amount. 65

 Work Together 9-2 (Text pg. 247)  On Your Own 9-2 (Text pg. 247)  Application 9-2 (Text pg. 260)