Accounting 10, 20, 30

(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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