CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 9-2 Journalizing Cash Payments Using a Cash Payments Journal.

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© 2014 Cengage Learning. All Rights Reserved.
LESSON 9-1 Journalizing Purchases Using a Purchases Journal
Journalizing Purchases and Cash Payments
LESSON 9-2 Journalizing Cash Payments Using a Cash Payments Journal
LESSON 9-4 Journalizing Other Transactions Using a General Journal
LESSON 9-4 Accounting for Cash Payments
© 2014 Cengage Learning. All Rights Reserved.
© 2014 Cengage Learning. All Rights Reserved.
Journalizing Cash Payments Using a Cash Payments Journal
LESSON 9-4 Journalizing Other Transactions Using a General Journal
LESSON 9-4 Journalizing Other Transactions Using a General Journal
© 2014 Cengage Learning. All Rights Reserved.
JOURNALIZING CASH PAYMENTS FOR EXPENSES
Journalizing Cash Payments Using a Cash Payments Journal
LESSON 9-4 Journalizing Other Transactions Using a General Journal
Inventory and Purchases
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 9-2 Journalizing Cash Payments Using a Cash Payments Journal

CENTURY 21 ACCOUNTING © Thomson/South-Western 2 LESSON 9-2 CASH PAYMENTS JOURNAL page 242 Cash Payments journal used to record cash payment transactions. It contains special amount columns that are used frequently. Accounts Payable Debit Purchases Discount Credit CONTRA ACCOUNT Cash Credit

CENTURY 21 ACCOUNTING © Thomson/South-Western 3 LESSON 9-2 CONTRA ACCOUNTS page 242 A CONTRA ACCOUNT reduces a related account on a financial statement. Its balance side is opposite that of its related account. Normal Balance Side Purchases Debit Purchases Discount Credit Purchases P The actual amount paid for purchases is $

CENTURY 21 ACCOUNTING © Thomson/South-Western 4 LESSON 9-2 CASH PAYMENT OF AN EXPENSE page 243 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

CENTURY 21 ACCOUNTING © Thomson/South-Western 5 LESSON 9-2 BUYING SUPPLIES FOR CASH page 243 November 5. Paid cash for office supplies, $ Check No Recording the purchase of supplies has not changed.

CENTURY 21 ACCOUNTING © Thomson/South-Western 6 LESSON 9-2 CASH PAYMENTS FOR PURCHASES OF MERCHANDISE page 244 November 7. Purchased merchandise for cash, $ 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.

CENTURY 21 ACCOUNTING © Thomson/South-Western HOW TO CALCULATE TRADE DISCOUNTS The list price for 10 ceramic molds is $1,500. The invoice price is the list price, less a 60% trade discount. Trade Discount is a reduction in the list price to the customer. List Price Trade Discount Discount Amt Calculate Discount:$1,500 X 60% = $900 Calculate Price:$1,500 - $900 = $600 (Invoice Amt)

CENTURY 21 ACCOUNTING © Thomson/South-Western HOW TO CALCULATE CASH DISCOUNTS Paid cash $ for invoice with terms 2/10, n/30 and deducted a 2% cash discount for paying within 10 days of the invoice date. Cash Discount is a reduction in the invoice amount for paying the invoice early. Common terms are 2/10, n/30. Invoice Amt Cash Discount Discount Amt Calculate Discount:$498 X 2% = $9.96 Calculate Payment: $498 - $9.96 = $ (Payment Amt)

CENTURY 21 ACCOUNTING © Thomson/South-Western 9 LESSON 9-2 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 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

CENTURY 21 ACCOUNTING © Thomson/South-Western 10 LESSON 9-2 CASH PAYMENTS ON ACCOUNT WITH NO CASH DISCOUNTS page 246 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.