CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 1-2 Journalizing and Posting Purchases and...
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Transcript of CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 1-2 Journalizing and Posting Purchases and...
![Page 1: CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 1-2 Journalizing and Posting Purchases and Purchases Returns.](https://reader036.fdocuments.in/reader036/viewer/2022082908/5a4d1af07f8b9ab05997dcc5/html5/thumbnails/1.jpg)
CENTURY 21 ACCOUNTING © Thomson/South-Western
LESSON 1-2LESSON 1-2
Journalizing and Posting Purchases and Purchases Returns
![Page 2: CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 1-2 Journalizing and Posting Purchases and Purchases Returns.](https://reader036.fdocuments.in/reader036/viewer/2022082908/5a4d1af07f8b9ab05997dcc5/html5/thumbnails/2.jpg)
CENTURY 21 ACCOUNTING © Thomson/South-Western
2
LESSON 1-2
June 1. Purchased video equipment on account from Western Digital Systems, $845.00. Purchase Invoice No. 336.
JOURNALIZING JOURNALIZING PURCHASES ON ACCOUNTPURCHASES ON ACCOUNT
1. Write approval date.
4. Write invoice amount under
Accounts Payable column.
3. Record invoice number. 2. Write vendor name.
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CENTURY 21 ACCOUNTING © Thomson/South-Western
3
LESSON 1-2
1. 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 POSTING FROM A PURCHASES JOURNALPURCHASES JOURNAL page 14
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CENTURY 21 ACCOUNTING © Thomson/South-Western
4
LESSON 1-2
4. Calculate new account balance.
3. Write column total. 2. Write journal page number.
POSTING THE TOTALS OF A POSTING THE TOTALS OF A PURCHASES JOURNALPURCHASES JOURNAL page 15
1. Write the date.5. Write account number.
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CENTURY 21 ACCOUNTING © Thomson/South-Western
5
LESSON 1-2
2. Enter accounts to be debited.
3. Record debit memo number.
JOURNALIZING PURCHASES JOURNALIZING PURCHASES RETURNS AND ALLOWANCESRETURNS AND ALLOWANCES page 16
6611
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1. Write the date.
4. Draw diagonal line.
5. Write debit amount.
7. Write credit amount.
6. Enter account to be credited.
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CENTURY 21 ACCOUNTING © Thomson/South-Western
Purchase on accountPurchase on account
DEBIT purchases
Credit Accounts Payable
6
LESSON 1-2
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CENTURY 21 ACCOUNTING © Thomson/South-Western
Pay on account with a discount?Pay on account with a discount?
Debit Accounts Payable
Credit BOTH CASH and PURCHASE DISCOUNT
7
LESSON 1-2
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CENTURY 21 ACCOUNTING © Thomson/South-Western
Receive Cash on account with a discount?Receive Cash on account with a discount?
Debit CASH and SALES DISCOUNT
Credit Accounts Receivable
8
LESSON 1-2
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CENTURY 21 ACCOUNTING © Thomson/South-Western
Issue credit for damaged items?Issue credit for damaged items?
Debit SALES RETURNS/ALLOWANCES and SALES TAX PAYABLE
Credit ACCOUNTS RECIEVABLE
9
LESSON 1-2
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CENTURY 21 ACCOUNTING © Thomson/South-Western
Someone returned an item?Someone returned an item?
Debit ACCOUNTS PAYABLE
Credit PURCHASE RETURNS
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LESSON 1-2
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CENTURY 21 ACCOUNTING © Thomson/South-Western
11
LESSON 1-2
To complete:To complete:
1-2 WT =WBpage7/Text17
1-2 OYO =WBpage8/Text17
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