Thursday, November 10, 2016
Wednesday, November 9, 2016
Tuesday, November 8, 2016
Monday, November 7, 2016
Tuesday, November 1, 2016
eLearning Day
- Fill out the attendance form before 1:00 pm on the eLearning Day.
- Create a Google Doc named "eLearning"
- Share the Doc with anyone that has the link
- Copy the Link
- Submit the link through the Assignment Submission Form
- Watch this video: General Journal and Ledger (6:19)
- Take notes while you watch
- Create a summary of key points in the Google Doc named "eLearning"
- must be completed within 7 days of eLearning Day
Thursday, October 27, 2016
Day 49: Complete Case Study 2
- Finish Case Study 2
- Preview Chapter 7:
- watch the General Journal and Ledgers video and take notes
Wednesday, October 26, 2016
Tuesday, October 25, 2016
Monday, October 24, 2016
Friday, October 21, 2016
Tuesday, September 27, 2016
Day 30: Catch-up / Get-ahead Day
- Complete and turn in the Ch. 1 and 2 Review Sheet (green paper)
- Complete Ch. 4 Key Terms using two-column method
- Complete Ch. 5 Problems (yellow packet you already have
- Continue Case Study 1 (pink packet that you have already)
- Begin Ch. 5 Key Terms using two-column method
Wednesday, May 4, 2016
Monday, April 25, 2016
Intro to Purchases
Accounting for Purchases and Cash Payments
• Buy
goods from supplier
• Sell
merchandise to consumer
Things to buy:
• Selling
Supplies
– shopping
bags
– cash
register tapes
– sales
slips
• Office
Supplies
• Equipment
• merchandise
– Debit
Purchases
Four Stages of Purchasing:
- request:
– needed
item
• (purchase
requisition)
- order
:
– from
supplier
• (purchase
order)
- verify
– items
received
• (packing
slip)
- journalize
– transaction
• (invoice)
10 Steps of Purchasing
Requesting Department:
1. fills out purchase requisition
– with
manager approval
– sends
form to Purchasing department
Purchasing Department
2. writes purchase order
– sends
this written offer to buy certain items to the supplier
– copy
to accounting and requesting department
Receiving Department
3. receives goods
– verifies
quantity (and quality) of against packing slip
4. sends copy of packing slip to accounting department
– noting
any missing, damaged or returned items
Accounting Department
5. receives invoice from supplier (date stamp)
6. Invoice is verified against P.O. and packing slip
7. Processing stamp is completed* on invoice
(pay date, discount, pay amount, check number*)
(pay date, discount, pay amount, check number*)
8. Transaction is journalized
9. Transaction is posted
10. Invoice is filed in tickler file by due date.
Purchases Discounts
• cash
discount offered by suppliers to encourage early payment
• credit
terms of 3/15 n/45
• if
paid within 15 days
then receive 3% discount,
otherwise full payment within 45 days
then receive 3% discount,
otherwise full payment within 45 days
• discount
period:
• time
within which payment must be made in order to take discount
• Disc.
Amt = Purchases x Disc. Rate
The Purchases Account
• account
in which the cost of merchandise bought is recorded
Purchases:
• temporary
account
• classified
as Cost of Merchandise
• normal
debit balance
• cost
of merchandise sold will offset revenue generated from sale
• (decrease
owners equity)
Accounts Payable Subsidiary Ledger
• used
when business has many credit suppliers
• contains
an account for each creditor
• individual
accounts are summarized in controlling account called Accounts Payable
• balance
in controlling account must equal total of all accounts in subsidiary ledger
after posting
• A/P
subsidiary ledger form is same as A/R form
• Name
and Address
• Debit
and Credit columns
• One
balance column
Bought Merchandise on account:
Debit Purchases
Credit Accounts
Payable (control and subsidiary)
Bought Equipment on account:
Debit Equipment
Credit Accounts Payable (control and
subsidiary)
Tickler File
• Accordion
file with section for each day of month.
• Invoices
are filed by due date.
Purchases Returns and Allowances
• purchase
return
• return merchandise for full credit
• purchase
allowance
• price reduction for less than satisfactory
merchandise
• debit
memorandum
• used
to notify suppliers of a return or request for allowance
(debit A/P)
(debit A/P)
Return Merchandise previously
purchases on account:
Debit Accounts Payable (control and
subsidiary)
Credit Purchases
Returns and Allowances
Return Equipment previously
purchases on account:
Debit Accounts Payable (control
and subsidiary)
Credit Equipment
Cash Payments
• on
account
• purchase
(merchandise or other asset)
• payroll
• expense
Cash Purchase of Insurance:
• pay
for insurance before you use it
• insurance
has value to protect against losses that you cannot afford
• Prepaid
Insurance is an Asset (normal debit balance)
• Purchase
12 mo. of insurance for $1200
Prepaid Insurance
1200
Cash in Bank 1200
• Each
month we use 1/12 of the insurance.
• Insurance
is used as times passes by (not when you have a loss).
• expense
what we use (this will lower the balance in Prepaid Insurance
• the
unused portion still has value and remains an asset in Prepaid Insurance
Insurance Expense 100
Prepaid
Insurance 100
Shipping and Handling:
• FOB = Free
on Board
• FOB
Destination = Supplier pays shipping (part of the cost of product)
• FOB
Shipping Point = Buyer pays shipping (extra cost of getting product into our
building
• Debit
to account called Transportation In
Bank Card Fee Expense
• Fee
charged by bank for processing business’ bankcard transactions
• Expense
account (normal debit balance)
Monday, April 18, 2016
Intro to Merchandising
žAccounting
for Sales
žService
Business
•provides service for a fee
žMerchandising
Business
•buys goods, then resells for profit
žTwo
Types of Merchandisers
žRetailer
•sells to the final user
žWholesaler
•sells to retailers
žOperating
Cycle of a Merchandiser
1.Purchase
of Goods for Resale
2.Sale
of Goods
•for cash
•on Account
3.Receive Cash
•profit
•pay expenses
žMerchandise
Inventory Account
žMerchandise
•goods bought for resale
žInventory
•merchandise that is in stock
žMerchandise
Inventory
•asset account that is adjusted only at
the end of the period
ž
žSales
žrevenue account that is credited when
merchandise is sold
• if cash sale
–Dr.
Cash in Bank and Cr. Sales
•if sale on account
–Dr.
A/R and Cr. Sales
žProblem 14-1
žApr.
4:
•Sold cameras on account for $3,000,
Sales Slip 224
žApr.
10:
•Sold photo albums for $150 cash,
Sales Slip 225
žApr.
20:
•Sold rolls of film for $24 cash,
Sales Slip 226
žApr.
25:
•Sold camera for $380 cash, Sales
Slip 227
žAnalyzing Sales Transactions
žThe
most frequent transactions in a merchandising business
•cash sale of merchandise
–retailers
•sale of merchandise on account
–wholesalers
and manufacturers
žSale on Account
•sale of merchandise that will be paid for
later
–(aka:
charge sale, credit sale)
žCharge Customer
žthe
person to whom a charge sale is made
žCredit
Cards
žissued
by business to charge customers
•for making purchases on account
žSears,
Macy’s, Mobil
ž
žBank
Cards
žissued
by a bank to individuals to make purchases
•treat like cash
–bank
pays business right away
žVisa, MasterCard
žThe Sales Slip
žform
that lists details of credit sale
žsource document for transaction
žpre-numbered
slips help businesses stay organized
žSales Tax Payable Account
žmost
states and some cities tax retail sales
žtax
paid by customer, collected by business, & forwarded to government
žcollected
sales taxes are liabilities
žsome
entities (like schools) are exempt from sales tax
ž
Wednesday, March 23, 2016
Tuesday, March 22, 2016
Monday, March 21, 2016
Tuesday, March 1, 2016
Monday, February 29, 2016
Monday, February 1, 2016
Sub Plans
Activity Three:
Create your own merchandising business. Keep it school appropriate. Your group will present your business to the class in the form of a 30-second commercial (on video or live in class).
Requirements:
Points will be awarded based on the following criteria:
Prizes awarded for:
Create your own merchandising business. Keep it school appropriate. Your group will present your business to the class in the form of a 30-second commercial (on video or live in class).
Requirements:
Points will be awarded based on the following criteria:
Prizes awarded for:
Chapter 11 Packet:
Wednesday, January 27, 2016
The Competiton
Activity Two:
Create a marketing image for one of your service businesses. Every business should have a unique name, logo and tag line. Keep it school appropriate. Your group will present your marketing image to the class. You choose the type of presentation (Do not use PowerPoint).
Here are some ideas:
Points will be awarded based on the following criteria:
Prizes awarded for:
Activity Three:
Create your own merchandising business. Keep it school appropriate. Your group will present your business to the class in the form of a 30-second commercial (on video or live in class).
Requirements:
Points will be awarded based on the following criteria:
Prizes awarded for:
Create a marketing image for one of your service businesses. Every business should have a unique name, logo and tag line. Keep it school appropriate. Your group will present your marketing image to the class. You choose the type of presentation (Do not use PowerPoint).
Here are some ideas:
Points will be awarded based on the following criteria:
Prizes awarded for:
Activity Three:
Create your own merchandising business. Keep it school appropriate. Your group will present your business to the class in the form of a 30-second commercial (on video or live in class).
Requirements:
Points will be awarded based on the following criteria:
Prizes awarded for:
Wednesday, January 20, 2016
The Competition: Day 2 of Activity 3
Activity Three:
Create your own merchandising business. Keep it school appropriate. Your group will present your business to the class in the form of a 30-second commercial (on video or live in class).
Requirements:
Points will be awarded based on the following criteria:
Prizes awarded for:
Create your own merchandising business. Keep it school appropriate. Your group will present your business to the class in the form of a 30-second commercial (on video or live in class).
Requirements:
Points will be awarded based on the following criteria:
Prizes awarded for:
Tuesday, January 19, 2016
The Competition: Day 1 of Activity 3
Activity Three:
Create your own merchandising business. Keep it school appropriate. Your group will present your business to the class in the form of a 30-second commercial (on video or live in class).
Requirements:
Points will be awarded based on the following criteria:
Prizes awarded for:
Create your own merchandising business. Keep it school appropriate. Your group will present your business to the class in the form of a 30-second commercial (on video or live in class).
Requirements:
Points will be awarded based on the following criteria:
Prizes awarded for:
Friday, January 15, 2016
The Competition: Present Activity 2
Activity Two: Create a marketing image for one of your service businesses. Every business should have a unique name, logo and tag line. Keep it school appropriate. Your group will present your marketing image to the class. You choose the type of presentation (Do not use PowerPoint).
Here are some ideas:
Here are some ideas:
Points will be awarded based on the following criteria:
Prizes awarded for:
Thursday, January 14, 2016
The Competition: Day 4 of Activity 2
Activity Two: Create a marketing image for one of your service businesses. Every business should have a unique name, logo and tag line. Keep it school appropriate. Your group will present your marketing image to the class. You choose the type of presentation (Do not use PowerPoint).
Here are some ideas:
Here are some ideas:
Points will be awarded based on the following criteria:
Prizes awarded for:
Wednesday, January 13, 2016
The Competition: Day 3 of Activity 2
Activity Two: Create a marketing image for one of your service businesses. Every business should have a unique name, logo and tag line. Keep it school appropriate. Your group will present your marketing image to the class. You choose the type of presentation (Do not use PowerPoint).
Here are some ideas:
Here are some ideas:
Points will be awarded based on the following criteria:
Prizes awarded for:
Tuesday, January 12, 2016
The Competition: Day 2 of Activity 2
Activity Two: Create a marketing image for one of your service businesses. Every business should have a unique name, logo and tag line. Keep it school appropriate. Your group will present your marketing image to the class. You choose the type of presentation (Do not use PowerPoint).
Here are some ideas:
Here are some ideas:
Points will be awarded based on the following criteria:
Prizes awarded for:
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