Accounting – 3/22/19

I.  Bellwork   Q&A  Section 11-1

1. Explain  the purpose of the memorandum attached to the vendor invoice
2. What source document is used for purchases returns & allowances?
3. What accounting concept relates to the use of source documents?

II.  Objective

• Account for sales returns and allowances.
• Post a general journal to the accounts receivable ledger and general ledger.
• Record a correcting entry to the accounts receivable ledger.

III.  Recording Sales Transactions Using a General Journal

Discussion Pages 327-331

• Credit Memorandum for Sales returns and Allowances
• Journalizing Sales Return & Allowances
• Posting from a General Journal to an Accounts Receivable Ledger
• Correcting Errors in Subsidiary Ledger Accounts

IV.  Log into H&R Block for points

V.  Classwork p331

• 11-2 Working Together & On Your Own – Working papers & Aplia
• 11-2 Application on Aplia p339

Accounting W2019