Chapter 9 Sales & Purchases
- When is the Purchases account affected? What is the normal balance side? On which financial statement does it appear?
- What is the contra account for the Purchases Account? When is it affected? On which financial statement does it appear?
- What does FOB stand for?
- 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.
- Log in to cengagenow
- Click Study Tools
- Click Adaptive Study Plans
- Next to Chapter 9 – Sales & Purchases click Resume Studying
- Under Objectives & Study Materials click 5. Prepare a schedule of accounts payable.
- Under Study Materials click eBook – 9.5: Accounts Payable Ledger and Schedule of Accounts Payable follow along while watching this video
- WATCH: Show Me How: Prepare a schedule of accounts payable.
- Open the CHAPTER 9 WORKING PAPERS SPREADSHEET & DO AND PRINT THE FOLLOWING:
- Problem 9-2A on page 410
- Problem 9-3A on pages 410-411