Chapter 9 Sales & Purchases

REVIEW:

  1. When is the Purchases account affected? What is the normal balance side? On which financial statement does it appear?
  2. What is the contra account for the Purchases Account? When is it affected? On which financial statement does it appear?
  3. What does FOB stand for?
  4. When is the Freight In account affected? How is it affected?

GOAL: Before you leave today you will know how to prepare a schedule of accounts payable.

  1. Log in to cengagenow
  2. Click Study Tools
  3. Click Adaptive Study Plans
  4. Next to Chapter 9 – Sales & Purchases click Resume Studying
  5. Under Objectives & Study Materials click 5. Prepare a schedule of accounts payable.
  6. Under Study Materials click  eBook – 9.5: Accounts Payable Ledger and Schedule of Accounts Payable  follow along while watching this video
  7. WATCH: Show Me How: Prepare a schedule of accounts payable.