Accounting – 2/22/19

  I.  Bellwork  Q&A

1. What journal is used to record all cash payments?
2. If $3500.00 of merchandise is purchased on credit with the terms 2/10 n/30, what will be the potential dollar amount of the discount taken?
3. Based upon question #2, what will be the amount paid to the creditor after the discount is taken?

II Objectives:

• Follow and apply proper procedures for posting from a cash payments journal
• Post cash payments to an accounts payable ledger and a general ledger.

III. Discussion pages 267-272

Posting from a Cash Payments Journal

• Posting Cash Payments to Accounts Payable Ledger
• Posting Cash Payments General Amount Column to a General Ledger
• Totaling, Proving, and Ruling a Cash Payments General.
• Posting from Special Amount Columns of a Cash Payments Journal to a General Ledger
• Proving Accounts Payable

IV.   Classwork

• 9-5 Working Together and  On Your Own
• 9-5 Application Problem

 

Accounting W2019