CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 1-2 Journalizing and Posting Purchases and Purchases Returns.

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Presentation transcript:

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 1-2 Journalizing and Posting Purchases and Purchases Returns

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Chapter 1 Objectives Recording Departmental Purchases and Cash Payments After studying Chapter 1, you will be able to: 1.Define accounting terms related to departmental purchases and cash payments. 2.Identify accounting concepts and practices related to departmental purchases and cash payments. 3.Journalize and post departmental purchases and purchases returns. 4.Journalize and post departmental cash payments. 2 LESSON 1-2

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Using Accounting Principles and Records departmental accounting system: an accounting system showing accounting information for two or more departments merchandising business: a business that purchases and sells goods posting: transferring transaction information from a journal entry to a ledger account debit memorandum: a form prepared by the customer showing the price deduction for purchases returns and allowances contra account: an account that reduces a related account on a financial statement 3 LESSON 1-2

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 1-2 June 1. Purchased video equipment on account from Western Digital Systems, $ Purchase Invoice No JOURNALIZING PURCHASES ON ACCOUNT 1.Write approval date. 4.Write invoice amount. 3.Record invoice number. 2.Write vendor name. page

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON Write the date. 5.Write vendor number. 4.Calculate new account balance. 3.Record the credit amount. 2.Write journal page number. POSTING FROM A PURCHASES JOURNAL page

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON Calculate new account balance. 3.Write column total. 2.Write journal page number. POSTING THE TOTALS OF A PURCHASES JOURNAL page 15 1.Write the date. 5.Write account number

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 7 LESSON Enter accounts to be debited. 3.Record debit memo number. JOURNALIZING PURCHASES RETURNS AND ALLOWANCES page Write the date. 4.Draw diagonal line. 5.Write debit amount. 7.Write credit amount. 6.Enter account to be credited.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 8 LESSON 1-2 DEFINE TERMS REVIEW In Quizlet departmental accounting system merchandising business posting debit memorandum contra account page 17 Edit this set: Chapter 1 AdvAcc (then SAVE)

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Exit Ticket for today: Audit Your Understanding When Zytech’s video department purchases merchandise on account, what general ledger accounts are affected, and how? 2.What general ledger accounts are affected, and how, by a return of video equipment? 9 LESSON 1-2 In a Word Document, SaveAS: Chapter1-2AYUYourName And drop in my Inbox today!

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Complete the following assignments for Chapter 1-2 today Define Terms Review on page 17. Answer Audit Your Understanding questions on page 17. Complete Work Together 1-2 on Aplia – page 17 Complete On Your Own 1-2 on Aplia – page 17 Complete Application Problem 1-2 on Aplia – page LESSON 1-2