 |  College Accounting John Price,
University of North Texas
M. David Haddock,
Chattanooga State Technical Comm. College
Horace Brock,
University of North Texas
Connie Hahn,
Southern Alberta Institute of Technology
Traven Reed,
Canadore College
Accounting for Merchandise Purchases, Accounts Payable, and Cash Payments
Learning 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. |
| | | | Post purchases on credit from the purchases journal to the accounts payable subsidiary ledger. |
| | | | Record purchases returns and allowances in the general journal. |
| | | | Post purchases returns and allowances from the general journal to the accounts payable subsidiary ledger. |
| | | | Record cash payments in a cash payments journal. |
| | | | Post from the cash payments journal to subsidiary and general ledgers. |
| | | | Prepare a schedule of accounts payable. |
| | | | Demonstrate knowledge of the procedures for effective internal control of merchandise inventory. |
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2002 McGraw-Hill Higher Education