Record keeping chapter 12

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Cash Receipts and Cash Payments Journal

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Record keeping chapter 12

  1. 1. Record Keeping Chapter 12Record Keeping for Accounts Payable Clerks<br />Chapter 9<br />Jobs 56-60<br />
  2. 2. Record Keeping for Accounts Payable ClerksGrades for Chapter 12<br />Class work is 40% of overall grade<br /><ul><li>Job 56 Class work 10 Points
  3. 3. Job 57 Class work 10 Points
  4. 4. Job 58 Class work 10 Points
  5. 5. Job 59 Class work 10 Points
  6. 6. Job 60 Class work 10 Points
  7. 7. Chapter 12 Reinforcement Problem 25 Points</li></ul>Quizzes and Tests are 40% of overall grade<br /><ul><li>Chapter 12 Open Notes Quiz 15 Questions
  8. 8. Chapter 12 Test
  9. 9. 40 Questions Mastery Manager
  10. 10. Problem</li></ul>Jobs 56-60<br />Chapter 12<br />
  11. 11. What will we be learning in this chapter?<br /><ul><li>How to keep a record of amounts owed to creditors
  12. 12. How to prepare a schedule of Accounts Payable
  13. 13. How to use and post a purchases journal
  14. 14. How to use and post a cash payments journal
  15. 15. How to use and post a purchases returns and allowances journal
  16. 16. How to file purchase invoices and credit memos</li></li></ul><li>Job 56Keeping Creditor Accounts<br />Creditors<br />People or businesses to whom your company owes money.<br />Accounts Payable Ledger<br />Group of creditor accounts<br />Compare to AR Ledger<br />Purchase on Account<br />When your company buys merchandise on credit from another company.<br />Schedule of Accounts Payable<br />A list of what creditors are owed.<br />
  17. 17. Accounts Payable Accounts <br />Purchases increase A/P<br />Payments decrease A/P<br />Credit Memos decrease A/P<br />Accounts Payable A/P<br />DR<br />( -) decrease<br />Checks<br />Credit Memos<br />CR<br />(+) increase<br />( NB) Normal Balance<br />Purchases Invoice<br />
  18. 18. Job 56Exercises<br />Building Your Business Vocabulary<br />Page 454-Text Book<br />Problems 56-1 and 56-4<br />
  19. 19. Job 57Using a Purchases Journal and an Accounts Payable Ledger<br />Purchases Journal<br />Records all Purchases of Merchandise on Account<br />Records all Purchases from creditors by date.<br />Purchases Invoice<br />Purchases Journal<br /> AP Ledger CR<br />
  20. 20. What are the 6 Steps of Posting?<br />Copy the date<br />Copy cash or invoice # or Cr. Memo Number<br />Copy the Journal and Page Number <br />Copy the amount<br />Calculate new balance<br />Copy account number<br />Simply go from the left to the right for steps 1-5.<br />Step 6 is showing that you completed steps 1-5.<br />
  21. 21. Job 57Exercises<br />Vocabulary<br />Problems 57-1 and 57-3 <br />
  22. 22. Job 58Using a Cash Payments Journal and an Accounts Payable Ledger<br />Cash Payments Journal<br />Records all payments of cash to creditors<br />Records all payments to creditors by date.<br />Check Stub<br />Cash PaymentsJournal<br /> AP Ledger DR<br />
  23. 23. Job 59 Using a Purchases Journal, a Cash Payments Journal, and an Accounts Payable Ledger<br />Purchased Journal<br />Purchases Invoice—Source Document<br />Records all purchases of merchandise purchased on account<br />Recorded as a CR to A/P<br />Cash Payments Journal<br />Check stub—Source Document<br />Records all payments of cash made to creditors<br />Recorded as DR to A/P<br />
  24. 24. Job 57 Using a Purchases Journal and an Accounts Payable Ledger<br />Purchases Journal<br />Records all Purchases of Merchandise on Account<br />Records all Purchases from creditors by date.<br />Purchases Invoice<br />Purchases Journal<br /> AP Ledger CR<br />Check Stub<br />Cash Payments Journal<br /> AP Ledger DR<br />
  25. 25. Job 60Using a Purchases Returns and Allowances Journal and an Accounts Payable Ledger<br />Purchases Returns and Allowances Journal<br />Records all Returnsof Merchandise to creditors<br />Records all allowances given by creditors.<br />Debit Memo—Source Document<br />Purchases Returns and Allowances Journal<br /> AP Ledger DR<br />Schedule of A/P—Listing of all creditors with a balance due.<br />

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