What should students know by the end of the What should students be able to do by the end of unit? the lesson? Students will know…. Students will be able to… How to process a purchase on account Journalize Purchase transactions to the appropriate Purchase Account. Which accounts are used when purchasing merchandise Record credit terms for purchases on account What controls over cash many merchandising businesses use Reduce liability account balances in A/P Control Account as well as in the What is the Cost of Merchandise individual sub-ledger accounts How to process cash payments for Journalize the return of purchases made purchases. on account by recording transactions in What is the role of the Subsidiary the Purchase Returns and Allowances Ledger? Account Format and record transactions to the Sub-ledger accounts when utilizing purchase discounts and purchase returns and allowances What are some misunderstandings will students bring to the class as it applies to the goals of the unit? Merchandising firms use many different types of accounts than service type businesses. Accounting is not used extensively by management to determine quality of merchandise. Contra accounts are not important tools for management. Related Activities/Assessments: End of chapter problems and analysis with corresponding working papers Unit: Using special journals instead of the general journal can save time and reduce errors
What should students know by the end of the unit? Students will know…. How to process a purchase on account Which accounts are used when purchasing merchandise What controls over cash many merchandising businesses use What is the Cost of Merchandise How to process cash payments for purchases. What is the role of the Subsidiary Ledger? What should students be able to do by the end of the lesson? Students will be able to… Journalize Purchase transactions to the appropriate Purchase Account. Record credit terms for purchases on account Reduce liability account balances in A/P Control Account as well as in the individual sub-ledger accounts Journalize the return of purchases made on account by recording transactions in the Purchase Returns and Allowances Account Format and record transactions to the Sub-ledger accounts when utilizing purchase discounts and purchase returns and allowances What are some misunderstandings will students bring to the class as it applies to the goals of the unit? Merchandising firms use many different types of accounts than service type businesses. Accounting is not used extensively by management to determine quality of merchandise. Contra accounts are not important tools for management. Related Activities/Assessments: End of chapter problems and analysis with corresponding working papers Unit: Using special journals instead of the general journal can save time and reduce errors
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