Lesson 9 4
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This document provides instructions and examples for journalizing transactions related to purchases using a general journal. It includes an example of buying supplies on account, outlining the steps to record the debit to Supplies and credit to the vendor account. Another example shows how to record the return of merchandise to a vendor by debiting Purchases Returns and Allowances and crediting the vendor. Key terms reviewed are purchases return, purchases allowance, and debit memorandum.
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Lesson 9 1
This document provides instructions for journalizing purchases using a purchases journal in accounting. It explains that a purchases journal is a special journal used to record purchases of merchandise on account from vendors. It demonstrates how to record purchase transactions in a purchases journal, including writing the date, vendor name, invoice number, and amount. It also shows how to total the amounts column and rule lines at the end of the journal entries. Key terms related to purchases and accounting for merchandising businesses are reviewed.
Lesson 9 2
This document provides instructions and examples for journalizing cash payments using a cash payments journal. It explains how to record payments of expenses, purchases of supplies, merchandise purchases, and payments on account. Examples show recording the date, account title, check number, debit amount, and credit amount for each transaction. Key terms covered are the cash payments journal, cash discounts, purchase discounts, and contra accounts.
Lesson 10 1
This document discusses journalizing sales on account using a sales journal. It explains how to record sales transactions, including merchandise sold on account, sales tax amounts, and how to complete a sales invoice. The sales journal is used to record the date of the sale, customer name, invoice number, total and sales amounts, and sales tax for transactions where merchandise is sold to a customer on credit.
Lesson 3 3
This document provides instructions for journalizing transactions that affect owner's equity and involve receiving or paying cash. It includes examples of receiving cash from sales, selling services on account, paying cash for an expense, receiving cash on account, and paying cash to the owner for personal use. For each transaction, it lists the steps to record the date, debit and credit amounts, account titles, and source document number in the journal.
Journalizing transactions
The document discusses journalizing transactions and provides examples. It begins by explaining what journals are and their purpose in accounting. It then provides examples of typical source documents used for various transactions, such as receipts, invoices, and check stubs. Several sample transactions are journalized to demonstrate double-entry accounting, including receiving cash from the owner, paying cash for supplies, receiving cash from sales, and paying expenses. Key concepts discussed are the need for objective evidence in the form of source documents and recording transactions in journals in chronological order.
Part 2 Basic Accounting Journalizing
The document describes the accounting cycle and process of journalizing business transactions. It explains that companies initially record transactions in chronological order in a general journal. Journalizing involves making separate entries for each transaction with the date, accounts and amounts to be debited and credited, and an explanation. Journal entries can be simple, involving two accounts, or compound, involving three or more accounts. Sample transactions are provided as an example of journalizing entries.
Part 1 intro to basic accounting
The document provides an overview of basic accounting concepts including the accounting equation, generally accepted accounting principles, basic elements of accounting like assets, liabilities, owner's equity, revenues and expenses. It also discusses accounting transactions, debits and credits, basic account titles, and how to record business transactions through journal entries and a T-account. An example is provided to illustrate accounting for the transactions of a sole proprietorship dance studio over its first month of operations.
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The document outlines the five basic functions of management: planning, organizing, staffing, directing, and controlling. It provides details on each function, with planning defined as looking to the future, organizing as establishing relationships among members, staffing as recruiting and developing personnel, directing as determining actions and providing leadership, and controlling as measuring and correcting performance against standards. In conclusion, it restates that management must perform these five basic functions.
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Lesson 9 1
This document provides instructions for journalizing purchases using a purchases journal in accounting. It explains that a purchases journal is a special journal used to record purchases of merchandise on account from vendors. It demonstrates how to record purchase transactions in a purchases journal, including writing the date, vendor name, invoice number, and amount. It also shows how to total the amounts column and rule lines at the end of the journal entries. Key terms related to purchases and accounting for merchandising businesses are reviewed.
Lesson 9 2
This document provides instructions and examples for journalizing cash payments using a cash payments journal. It explains how to record payments of expenses, purchases of supplies, merchandise purchases, and payments on account. Examples show recording the date, account title, check number, debit amount, and credit amount for each transaction. Key terms covered are the cash payments journal, cash discounts, purchase discounts, and contra accounts.
Lesson 10 1
This document discusses journalizing sales on account using a sales journal. It explains how to record sales transactions, including merchandise sold on account, sales tax amounts, and how to complete a sales invoice. The sales journal is used to record the date of the sale, customer name, invoice number, total and sales amounts, and sales tax for transactions where merchandise is sold to a customer on credit.
Lesson 3 3
This document provides instructions for journalizing transactions that affect owner's equity and involve receiving or paying cash. It includes examples of receiving cash from sales, selling services on account, paying cash for an expense, receiving cash on account, and paying cash to the owner for personal use. For each transaction, it lists the steps to record the date, debit and credit amounts, account titles, and source document number in the journal.
Journalizing transactions
The document discusses journalizing transactions and provides examples. It begins by explaining what journals are and their purpose in accounting. It then provides examples of typical source documents used for various transactions, such as receipts, invoices, and check stubs. Several sample transactions are journalized to demonstrate double-entry accounting, including receiving cash from the owner, paying cash for supplies, receiving cash from sales, and paying expenses. Key concepts discussed are the need for objective evidence in the form of source documents and recording transactions in journals in chronological order.
Part 2 Basic Accounting Journalizing
The document describes the accounting cycle and process of journalizing business transactions. It explains that companies initially record transactions in chronological order in a general journal. Journalizing involves making separate entries for each transaction with the date, accounts and amounts to be debited and credited, and an explanation. Journal entries can be simple, involving two accounts, or compound, involving three or more accounts. Sample transactions are provided as an example of journalizing entries.
Part 1 intro to basic accounting
The document provides an overview of basic accounting concepts including the accounting equation, generally accepted accounting principles, basic elements of accounting like assets, liabilities, owner's equity, revenues and expenses. It also discusses accounting transactions, debits and credits, basic account titles, and how to record business transactions through journal entries and a T-account. An example is provided to illustrate accounting for the transactions of a sole proprietorship dance studio over its first month of operations.
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The document outlines the five basic functions of management: planning, organizing, staffing, directing, and controlling. It provides details on each function, with planning defined as looking to the future, organizing as establishing relationships among members, staffing as recruiting and developing personnel, directing as determining actions and providing leadership, and controlling as measuring and correcting performance against standards. In conclusion, it restates that management must perform these five basic functions.
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For more content and questions refer (Copy and Paste this link)
https://clickuniv.com/introduction-to-accounting/
Follow me on: https://twitter.com/Afzalindian
Here in this slide fundamentals of accounting are discussed. After studying this slide you will be able to know
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This document provides instructions for posting transactions to an accounts payable ledger. It explains how to record purchases, cash payments, and journal entries in the ledger. It also shows how to prove the accuracy of the ledger by ensuring debits equal credits. Maintaining an accounts payable ledger is important for tracking amounts owed to vendors and reconciling with the general ledger.
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This document discusses correcting errors in subsidiary ledger accounts that affect customer accounts. It provides instructions for journalizing and posting correcting entries when a sale was incorrectly charged to the wrong customer account. The steps for journalizing include writing the date, correct customer name, memorandum number, amount, incorrectly charged customer name, and amount. The steps for posting include writing the date, general journal page number, amount, new account balances, and appropriate customer number in the post reference columns.
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2. Business Ethics and Social Responsibility
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Chapter 1: Fundamentals of Accounting
For more content and questions refer (Copy and Paste this link)
https://clickuniv.com/introduction-to-accounting/
Follow me on: https://twitter.com/Afzalindian
Here in this slide fundamentals of accounting are discussed. After studying this slide you will be able to know
Meaning and Definition of Accounting
Attributes (Characteristics) of accounting
Functions of Accounting
Accounting Process
Bookkeeping
Objectives of Accounting
Advantages of Accounting
Limitations of Accounting
Users of Accounting Information
Systems of Accounting
Basis of Accounting
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This document provides definitions and explanations of key accounting concepts and terms. It discusses accounting as a system to record and communicate financial information. Key topics covered include the accounting equation, double-entry bookkeeping system, types of accounts, accounting cycle, journals, ledgers, debits and credits, balancing accounts, and more.
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This document provides instructions for posting transactions to an accounts payable ledger. It explains how to record purchases, cash payments, and journal entries in the ledger. It also shows how to prove the accuracy of the ledger by ensuring debits equal credits. Maintaining an accounts payable ledger is important for tracking amounts owed to vendors and reconciling with the general ledger.
Lesson 11 5
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Lesson 9 3
This document provides instructions for various petty cash and cash payments journal operations, including:
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The document discusses the process of writing off and collecting uncollectible accounts receivable. It describes how to journalize and post entries to write off an uncollectible account receivable from Metro Food Court for $1,621. It then explains how to reopen the account and record cash received if payment is later collected, with a debit to accounts receivable and credit to allowance for uncollectible accounts. The posting process to collect on a previously written-off account is also outlined.
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This document discusses adjusting entries in accounting. It provides examples of adjusting entries for supplies and prepaid insurance. Adjusting entries are made at the end of an accounting period to update accounts and prepare financial statements. The examples show the format for recording adjusting entries, including the date, account debited and amount, account credited and amount. The document concludes with a term review of adjusting entries.
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This document provides instructions for journalizing three common accounting transactions:
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3) Paid cash on account to a supplier, debiting the Accounts Payable account and crediting the Cash account.
Steps are outlined for recording each transaction in the general journal, including filling in dates, debit/credit amounts, and document numbers.
Lesson 4 2
The document describes the steps for posting journal entries to a general ledger. It explains how to post separate debit and credit amounts from the journal to the appropriate accounts in the ledger, including writing the date, journal page number, debit or credit amount, and new account balance. It also discusses posting a second amount to the same account and posting from the credit column of the journal.
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Lesson 11 4
The document provides instructions for posting special journal totals to a general ledger. It discusses posting totals from sales, purchases, cash receipts and cash payments journals. For each journal, the instructions note to write the date, journal page number, column totals for each account, new account balances, and general ledger account numbers. The purpose is to transfer summary information from special journals to a general ledger for record keeping.
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Ch 18 1
On March 2nd, the company purchased $7,254 worth of merchandise from Pro Golf Company on account. This transaction increased the Purchases account by $7,254 and increased the Accounts Payable account by the same amount. The journal entry recorded a debit to Purchases for $7,254 and a credit to Accounts Payable for $7,254.
Lesson 5 1
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Lesson 11 3
The document describes the process for posting transactions from source documents to a general ledger. It discusses 5 steps: 1) Starting a new account in the general ledger by writing the account title, number, date and initial balance. 2) Posting from a cash payments journal by writing the date, journal page, debit amount, new balance, and account number. 3) Posting a debit transaction from a general journal by writing the date, journal page, amount, new balance, and account number. 4) Posting a credit transaction from a general journal using the same steps. The document provides examples to illustrate the posting process.
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Lesson 10 3
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Infographics are visual representations of information, data, or knowledge that combine graphics, icons, and text to convey complex information quickly and clearly. They can be used in education to explain processes, make comparisons, analyze data, and create timelines. Infographics contain textual elements like titles, headings, words, and numbers alongside visual elements such as color, images, charts, and timelines. Teachers have many free online resources available to help them create their own infographics, including Piktochart, Infogram, Easelly, and Google Drawings, or they can find pre-made infographics on sites like the Infographic Archive and Information is Beautiful.
Channels of distribution pp txx
This document discusses channel management strategies for distributing sports and entertainment content. It begins by providing background on Netflix and how it has evolved over time to offer streaming content on various devices and original programming. It then discusses channels of distribution and intermediaries that help make products available to consumers. Examples are provided of simple and complex distribution channels. The key channels for distributing sports and entertainment are live events and media events like television, radio, and the internet. New technologies like streaming media and podcasts have improved the efficiency of distribution. Social media also helps engage consumers. The document addresses legal issues around content ownership as new distribution technologies emerge.
Sales promotion ppt
This chapter discusses promotion strategies for sports and entertainment marketing. It covers the four elements of promotion: advertising, sales promotion, publicity, and personal selling. Advertising uses paid communication methods like commercials and print ads. Sales promotions offer incentives to encourage purchases. Publicity utilizes unpaid media coverage. Personal selling involves direct interaction with customers. Effective promotion balances these elements to spread brand awareness, increase sales, and build customer loyalty.
Lesson 24 2
This document provides instructions for recording an internet sale in a company's accounting journal. It lists the six steps to journalize an internet sale where a credit card was used for payment: 1) Write the date, 2) Check the Account Title column, 3) Write the source document number, 4) Check the Post. Ref. column, 5) Write the sale amount credit, and 6) Write the sale amount debit. Following these steps will properly record the financial transaction of an internet sale in the accounting journal.
Lesson 24 1
This document discusses recording international sales transactions in accounting. It provides instructions for journalizing an international cash sale, journalizing sales on account using time drafts, and journalizing the collection of cash from a time draft. Key terms related to international sales such as exports, imports, letters of credit, bills of lading, drafts, and trade acceptances are also defined.
Lesson 23 2
The document discusses accounting statements for partnerships, including:
1) The distribution of net income statement, which shows each partner's share of net income.
2) The owners' equity statement, which reports the beginning and ending capital balances for each partner.
3) The balance sheet for a partnership, which includes owners' equity as a section showing the partners' capital accounts.
Lesson 23 1
The document provides examples of accounting entries for initial investments, withdrawals of cash, and withdrawals of merchandise from a partnership. It gives the steps to record an initial investment of cash and office equipment from one partner, and cash from another partner. It also shows how to record a partner's withdrawal of cash for personal use with a check, and the withdrawal of merchandise for personal use with a memorandum. Finally, it defines some key terms related to partnerships.
Lesson 23 3
This document discusses the process of dissolving a partnership. It explains how to calculate and record gains or losses on the realization of assets when they are sold. It also covers liquidating partnership liabilities by paying off creditors and distributing any remaining cash balances to partners based on their fixed ownership percentages. Key terms reviewed include liquidation of a partnership, realization, and limited liability partnership.
Lesson 22 2
The document discusses how to prepare an income statement and analyze its components. It provides an example of calculating the cost of merchandise sold percentage by dividing the cost of merchandise sold by net sales. Preparing and analyzing income statements is important for understanding a company's profitability.
Lesson 22 1
The document discusses how to prepare a work sheet for a corporation. It outlines the necessary adjusting entries for interest income, supplies, and federal income taxes. It also provides steps for completing the work sheet, which include totaling columns, calculating net income after taxes, extending the net income amount, calculating column totals, and drawing double lines.
Lesson 21 2
The document discusses accrued expenses and interest. It provides examples of journal entries to record accrued interest expense, including debiting interest expense and crediting interest payable. It also demonstrates how to post adjusting entries for accrued interest expense. Additionally, it shows how to record a reversing entry to undo an accrual, and entries to pay a note payable including previously accrued interest. Key terms reviewed are accrued expenses and accrued interest expense.
Lesson 21 1
The document discusses accrued revenue and provides examples of accounting entries related to accrued interest income. It explains how to record adjusting entries to recognize accrued interest income earned during an accounting period but not yet received. It also demonstrates how to reverse the accrued interest income entry at the start of the next period and how to record collecting a note receivable that included accrued interest from a previous period. Key terms reviewed include accrued revenue, intellectual property, accrued interest income, and reversing entry.
Lesson 22 3
The document discusses how to prepare a statement of stockholders' equity and a balance sheet. It explains that a statement of stockholders' equity includes sections for capital stock and retained earnings. It also outlines how to calculate working capital and current ratio from information on a balance sheet. Key terms reviewed include long-term liabilities, working capital, and current ratio.
Lesson 20 2
The document provides examples of accounting entries for notes payable. It describes signing a 90-day, 6% note for $20,000 and the journal entries to record it. It then discusses paying the principal and interest of $20,300 for the note at maturity. Another example shows signing a 90-day, 12% note for $4,000 to extend an accounts payable and the entries to record it. Finally, it discusses paying $4,120 for the principal and interest of that note at maturity.
Lesson 20 1
1) A promissory note is a written promise by a maker to pay a sum of money to a payee.
2) A promissory note specifies the principal, interest rate, and maturity date. Interest is calculated on the principal based on the interest rate and time.
3) At maturity, the maker must pay the payee the principal plus any accumulated interest.
Lesson 20 3
The document discusses accounting procedures for notes receivable. It provides examples of accepting a 90-day, 8% note receivable from a customer in exchange for an accounts receivable. It also discusses collecting the principal and interest on a matured note receivable, and the process for recording a dishonored note receivable. Key terms reviewed include notes receivable, interest income, and dishonored note.
Lesson 19 3
This document discusses methods for estimating inventory levels. It introduces the gross profit method, which estimates inventory by working backwards from actual gross profit to calculate an estimated cost of goods sold and ending inventory. It continues explaining the gross profit method over multiple slides. The final slide provides a term review that reinforces the gross profit method of estimating inventory levels.
Lesson 19 1
The document provides instructions for taking a physical inventory count and updating inventory records. It explains that an inventory record should be used to record the stock number, count, unit price, and total cost for each item during a physical inventory. It also notes that a stock record is used to track purchase information, sales information, and the new balance on hand for each item. Finally, it defines key terms related to inventory such as periodic inventory, perpetual inventory, inventory record, stock record, and stock ledger.
Lesson 19 2
The document discusses different inventory costing methods including first-in, first-out (FIFO), last-in, first-out (LIFO), and weighted average. It provides examples of how to calculate the cost of inventory and cost of goods sold using each method. Specifically, it shows how to determine the cost of ending inventory and cost of goods sold given total units on hand and unit purchase prices over different periods. The document also defines key terms related to inventory costing methods.
Lesson 18 4
The document discusses different methods for disposing of plant assets in accounting. It provides examples of recording the sale of a plant asset for its book value, recording a partial year's depreciation expense before selling an asset, selling an asset for more than its book value resulting in a gain, and selling an asset for less than its book value resulting in a loss. The key steps outlined are removing the original cost of the asset, recording any gains or losses on the sale, recording the cash received, and updating the plant asset record.
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Lesson 9 4
- 1. LESSON 9-4 Journalizing Other Transactions Using a General Journal CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
- 2. 2 MEMORANDUM FOR BUYING SUPPLIES ON ACCOUNT CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 9-4 page 254
- 3. 3 BUYING SUPPLIES ON ACCOUNT page 255 November 6. Bought store supplies on account from Gulf Craft Supply, $210.00. Memorandum No. 52. 2 1 1. Write the date. 2. Write the account title. 3. Write the memorandum number. 4. Write the debit amount. 4 3 5 7 6 5. Write the account title and vendor name. 6. Place a diagonal line in the Post. Ref. column. 7. Write the credit amount. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 9-4
- 4. 4 DEBIT MEMORANDUM FOR PURCHASES page 256 RETURNS AND ALLOWANCES CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 9-4
- 5. 5 JOURNALIZING PURCHASES RETURNS AND ALLOWANCES page 257 November 28. Returned merchandise to Crown Distributing, $252.00, covering Purchase Invoice No. 80. Debit Memorandum No. 78. 2 5 1 4 6 1. Write the date. 2. Write the account title and vendor name. 3. Place a diagonal line in the Post. Ref. column. 4. 5. 6. 7. 3 7 Write debit memorandum number. Write the amount. Write Purchases Returns and Allow. Write the amount. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 9-4
- 6. 6 TERMS REVIEW page 258 purchases return purchases allowance debit memorandum CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 9-4
- 7. 6 TERMS REVIEW page 258 purchases return purchases allowance debit memorandum CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 9-4
Editor's Notes
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