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Understanding Purchases Journal: Recording Merchandise Transactions Effectively

In this lesson, we explore the critical process of journalizing merchandise purchases using a purchases journal. We will cover the steps involved in recording purchases on account, the importance of purchase invoices, and how to properly document vendor terms. By examining real-life examples, such as a merchandise purchase from Crown Distributing, you will gain insights into the essential elements of maintaining accurate records. Additionally, we'll delve into totaling and ruling the purchases journal, ensuring all transactions are correctly accounted for.

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Understanding Purchases Journal: Recording Merchandise Transactions Effectively

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  1. LESSON 9-1 Journalizing Purchases Using a Purchases Journal

  2. PURCHASING MERCHANDISE page 236 LESSON 9-1

  3. PURCHASES ON ACCOUNT page 236 LESSON 9-1

  4. PURCHASES JOURNAL page 237 LESSON 9-1

  5. 2 PURCHASE INVOICE page 238 1 4 3 1. Stamp the date received andpurchase invoice number. 3. Initials of the person whochecked the invoice. 2. Place a check mark by each amount. 4. Review the vendor’s terms. LESSON 9-1

  6. PURCHASING MERCHANDISE ON ACCOUNT page 239 November 2. Purchased merchandise on account from Crown Distributing, $2,039.00. Purchase Invoice No. 83. 2 1 3 4 1. Write the date. 2. Write the vendor name. 3. Write the purchase invoice number. 4. Write the amount of the invoice. LESSON 9-1

  7. 1 6 TOTALING AND RULING A PURCHASES JOURNAL page 240 4 5 3 2 1. Rule a single line across the amount column. 4. Add the amount column. 5. Write the total. 2. Write the date. 6. Rule double lines across the amount column. 3. Write the word Total. LESSON 9-1

  8. merchandise merchandising business retail merchandising business wholesale merchandising business corporation share of stock capital stock stockholder special journal cost of merchandise markup vendor purchase on account purchases journal special amount column purchase invoice terms of sale TERMS REVIEW page 241 LESSON 9-1

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