Kế toán, kiểm toán - Chapter sixteen: The purchases journal

CHAPTER SIXTEENTHE PURCHASES JOURNAL 1. Record purchases of merchandise on credit in a purchases journal. 2. Total, prove, and rule the purchases journal. 3. Post from the purchases journal.THE PURCHASES JOURNALChapter Outcomes:3Recording Transactions in the Purchases JournalThis special journal is used to record only purchases of merchandise on credit.4Advantages to using the Purchases JournalAll entries for purchases of merchandise on credit are grouped in one place.Important facts about each transaction are written on a single line5Advantages to using the Purchases Journal (continued)There is no need to enter account titles or to write a long explanation for each transaction.The purchases journal allows for great division of labor -- one person can be put in charge of entering purchases.6Posting From the Purchases JournalPosting is simplified using the purchases journal.Money columns are pencil-footed and the totals are posted to the appropriate accounts.7Posting From the Purchases Journal (continued)The single posting to each account saves time and reduces the possibility of error.8Accounting TerminologyPosting reference PPurchases journal9Chapter SummaryThe purchases journal is a special journal for recording purchases of merchandise on credit.The information about each transaction is taken from a purchase invoice and is entered on a single line of the purchases journal.10Chapter Summary (continued)The journal entry for each purchase shows the date the invoice was received, the supplier’s name, the invoice number, the invoice date, the credit terms, and the amount of the purchase.11Chapter Summary (continued)At the end of each month, the figures in the purchases journal are added. The column totals are posted as a debit to the Merchandise Purchases account, a debit to the Freight In account, and a credit to the Accounts Payable account.12 Investigating on the InternetAs a research assignment, access the Krispy Kreme Doughnuts® web site and report those sources of information that might concern purchases of merchandise.131. An advantage to the purchases journal is the division of labor.2. Posting is simplified using a purchases journal. 3. The purchases journal is a special journal for recording purchases of supplies on credit. Topic QuizAnswer the following true/false questions:TRUEFALSETRUE14(Return to Topic Quiz)3. The purchases journal is a special journal for recording purchases of supplies on credit.FALSEOnly purchases of merchandise for resale are recorded in the purchases journal, not supplies.15