Chapter 1
Recording Departmental Purchases and Cash Payments
ESSENTIAL QUESTIONS
What is completed when performing file maintenance?
How are departmental purchases and purchases returns journalized?
How are cash payments journalized?
What are the procedures for reconciling a bank statement?TERMS FOR CHAPTER 1
- liability
- equities
- owner's equity
- accounting equation
- source document
- journal
- special journal
- double-entry accounting
- account
- ledger
- general ledger
- subsidiary ledger
- file maintenance
- departmental accounting system
- merchandising business
- posting
- debit memorandum
- contra account
- contra balance
- cash discount
- purchases discount
- petty cash
- bank statementASSIGNMENTS
Define Terms for the Chapter
Using Accounting Principles and Records
Read pp. 6-11
1) View PowerPoint presentation intro and 1-1
2) Complete Application Problem 1-1 p. 29
3) Work on Study Guide 1
August 25-27Journalizing and Posting Purchases and Purchases Returns
Read pp. 12-19
1) View PowerPoint presentation 1-2
2) Complete Application Problem 1-2 p. 29
3) Continue to Work on Study Guide 1
August 28 - September 3Journalizing and Posting Cash Payments and Reconciling the Bank Statement
Read pp. 20-28
1) View PowerPoint presentation 1-3
2) Complete Application Problem 1-3 and 1-4 pp. 30-31
3) Complete Study Guide 1
September 4-8
Complete Mastery Problem 1-5 pp. 31-32
September 9-12
Additional Chapter exercises
Chapter One Internet Activity
http://www.alpfa.org
1. When was the Association of Latino Professionals in Finance and Accounting (ALPFA) founded? What is its mission?
2. What are the requirements to apply for an undergraduate student scholarship from the ALPFA?
3. What other professional accounting organizations have web sites?
Accounting in Your Career p. 5
Cases for Critical Thinking p. 33 Complete Case 1 and Case 2.
September 15-17Tentative Test Date for Chapter 1 is Thursday, September 19
Challenge Problem 1-6 pp. 32-33 may be completed for extra credit by September 26
