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Record keeping chapter 12

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Cash Receipts and Cash Payments Journal

Cash Receipts and Cash Payments Journal

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