Accounting 10, 20, 30
Course Configurations
ACCT17
Module 17: Sales and Purchases Accounts (Core)
Outcome
Assess sales and purchase accounts for a merchandising business.
Indicators
| (a) | Distinguish between cash and purchase transactions. |
| (b) | Analyze sales tax as a liability in a business and how it is calculated on sales transactions. |
| (c) | Assess discounts and how they apply to purchases (e.g., 2/10 n/30 – 2% off if paid within 10 days or net 30) in a merchandising business. |
| (d) | Analyze the effect that sales returns and discounts have on original sales transactions. |
| (e) | Implement contra accounts to record returns and allowances transactions. |
| (f) | Analyze a sales invoice to see if all relevant components including seller, buyer, date, quantity, date, amount, item, tax, terms and total are noted. |
| (g) | Implement the use of special journals (e.g., purchases, cash payments, sales, cash receipts, departmental journals). |
| (h) | Organize transactions into the appropriate sales or purchase journals. |
| (i) | Distinguish between the general ledger and the subsidiary ledgers. |
| (j) | Discuss how the controlling accounts receivable and the controlling accounts payable account summarize all accounts from the subsidiary ledgers. |
| (k) | Produce a schedule of accounts payable and accounts receivable ensuring the total matches the appropriate controlling account. |
| (l) | Post-sales on account transactions, totals, merchandise purchases, cash receipts and cash payments to the appropriate ledger or column. |
| (m) | Critique how cash on delivery (COD), on account, charge, discounts and returns all impact the sales revenue of a merchandising business. |
| (n) | Explain how sales and related accounts are the main source of revenue in a merchandising business. |
| (o) | Classify purchases and related accounts (e.g., source documents, invoice, returns and allowances, discounts) as well as invoice and transportation costs (e.g., freight-in, free on board destination). |
| (p) | Explain purchases and its related accounts as being the main record of costs of the merchandise for resale in a periodic inventory system. |
| (q) | Apply generally accepted accounting principles (GAAP) to sales and purchases. |
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Media and Formats :
Book
Price :
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Record posted/updated:
March 23, 2022
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Price :
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Record posted/updated:
December 8, 2021
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Record posted/updated:
December 8, 2021
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Media and Formats :
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Record posted/updated:
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Century 21 Accounting Multicolumn Journal. Instructor's Resource CD
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Century 21 Accounting Multicolumn Journal. Instructor's Resource Kit
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Record posted/updated:
December 7, 2021
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Record posted/updated:
December 8, 2021
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See publisher.
Record posted/updated:
June 17, 2022
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Media and Formats :
Book
Price :
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Record posted/updated:
March 16, 2022
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Media and Formats :
Book
Price :
See publisher.
Record posted/updated:
June 17, 2022
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Media and Formats :
Book
Price :
See publisher.
Record posted/updated:
June 17, 2022