1. 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.