LESSON 1-3 Journalizing and Posting Cash Payments

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JOURNALIZING A PURCHASES DISCOUNT

LESSON 2-2 Journalizing and Posting Cash Receipts

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LESSON 1-3 Journalizing and Posting Cash Payments 4/26/2017 LESSON 1-3 Journalizing and Posting Cash Payments RED

Chapter 1 Objectives Recording Departmental Purchases and Cash Payments After studying Chapter 1, you will be able to: Define accounting terms related to departmental purchases and cash payments. Identify accounting concepts and practices related to departmental purchases and cash payments. Journalize and post departmental purchases and purchases returns. Journalize and post departmental cash payments. LESSON 1-3

Using Accounting Principles and Records cash discount: a deduction that a vendor allows on the invoice amount to encourage prompt payment purchases discount: a cash discount on purchases taken by a customer petty cash: an amount of cash kept on hand and used for making small payments LESSON 1-3

JOURNALIZING A PURCHASES DISCOUNT page 19 June 1. Paid cash on account to AudioMax, $514.50, covering Purchase Invoice No. 331 for surround sound audio equipment for $525.00, less 2% discount, $10.50. Check No. 315. 1 2 3 4 5 6 1. Write the date. 4. Write the debit amount. 2. Enter vendor name. 5. Record the discount amount. 3. Record the check number. 6. Enter the credit amount. LESSON 1-3

TAKING A DISCOUNT AFTER A PURCHASE RETURN page 20 June 2. Paid cash on account to Western Digital Systems, $781.55, covering Purchase Invoice No. 336 for video equipment for $845.00, less Debit Memorandum No. 22 for $47.50, and less 2% discount, $15.95. Check No. 316. Amount owed on invoice: Original Purchase Invoice Amount (P336) Purchase Invoice Amount After Return Purchases Return (DM22) – = $845.00 – 47.50 = $797.50 Purchases discount: Purchase Invoice Amount After Return Purchases Discount Purchases Discount Rate × = $797.50 × 2% = $15.95 Amount due after purchases discount: Purchase Invoice Amount After Return Total Amount Due Purchases Discount – = – $15.95 $781.55 = $797.50 LESSON 1-3

RECORDING ENTRIES IN A CASH PAYMENTS JOURNAL page 21 June 2. Paid cash for administrative supplies, $136.00. Check No. 317. 1 2 3 4 5 1. Write the date. 2. Enter the account title. 3. Record the check number. 4. Write the debit amount. 5. Enter the credit amount. LESSON 1-3

CASH PAYMENT TO REPLENISH PETTY CASH page 22 June 30. Paid cash to replenish the petty cash fund, $402.00: administrative supplies, $300.00; advertising expense—video, $56.00; miscellaneous expense, $46.00. Check No. 350. 2 1 3 4 5 1. Write the date. 4. Write the debit amounts. 2. Enter account titles. 5. Enter the credit amount. 3. Record the check number. LESSON 1-3

POSTING FROM A CASH PAYMENTS JOURNAL page 23 LESSON 1-3

DEFINE TERMS REVIEW In Quizlet page 24 Edit this set: Chapter 1AdvAcc (then SAVE) cash discount purchases discount petty cash LESSON 1-3

Exit Ticket for today: Audit Your Understanding 1-3 In a Word Document, SaveAS: Chapter1-3AYUYourName And drop in my Inbox today! What general ledger accounts are affected, and how, by a cash payment on account for video equipment that includes a purchases discount? Where are cash payments affecting accounts that are not listed in the column headings recorded? Why is a petty cash fund always replenished on the last day of a fiscal period. LESSON 1-3

Complete the following assignments for Chapter 1-3 today Define Terms Review on page 24. Answer Audit Your Understanding questions on page 24. Complete Work Together 1-3 on Aplia – page 24 Complete On Your Own 1-3 on Aplia – page 24 Complete Application Problem 1-3 on Aplia – page 27. LESSON 1-3