TAILIEUCHUNG - Lecture College accounting (13/e): Chapter 8 - Price, Haddock, Farina

Chapter 8 - Accounting for purchases and accounts payable. After reading this chapter, you should be able to: Record purchases of merchandise on credit in a three-column purchases journal, post from the three-column purchases journal to the general ledger accounts, post credit purchases from the purchases journal to the accounts payable subsidiary ledger,. | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Accounting for Purchases and Accounts Payable Section 1: Merchandise Purchases Chapter 8 Section Objectives Record purchases of merchandise on credit in a three-column purchases journal. Post from the three-column purchases journal to the general ledger accounts. The Accounting Department receives the invoice and copies of the purchase order and receiving report The Purchasing Department issues an authorized purchase order and sends it to the selected supplier The Sales Department sends an authorized purchase requisition to the Purchasing Department A receiving report is prepared when the merchandise is received Purchasing Procedures Dr. Cr. 600 Cr. Dr. 550 Purchases Cr. Dr. 50 Freight In + = Cost of Goods Sold Total invoice (credit Accounts Payable) $ Price of goods (debit Purchases) $ Freight charge (debit Freight In) The cost of goods sold accounts have normal

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• College accounting
• Lecture College accounting
• Financial statement
• Cost accounting
• Accounting for purchases
• Accounts payable
• Job order cost accounting
• Accounting for sales
• Accounts receivable
• Closing procedures
• Accounting cycle
• Accounting principles
• Reporting standards
• Accounting for partnerships
• Allocating income
• Process cost accounting
• Process inventory
• Language of business
• Financial information
• Analyzing business transactions
• Financial interest
• T accounts
• General ledger
• General journal
• The worksheet
• Trial balance
• Closing entries
• Postclosing trial balance
• Cash receipts
• Cash payments
• Payroll computations
• Payroll laws
• Payroll taxes
• Employee income tax
• Recording adjustments
• Uncollectible accounts
• Notes payable
• Notes receivable
• Merchandise inventory
• Inventory costing methods
• Disposition of assets
• Depreciation methods
• Capital stock transactions
• Capital stock
• Corporate earnings
• Capital transactions