Study
Guide
9
Name Perfect
Score
Your
Score
Identifying Accounting Terms 41 Pts.
Analyzing Accounting Concepts and Practices 20 Pts.
Analyzing Transactions Recorded in Special Journals 24 Pts.
Total 85 Pts.
Part One—Identifying Accounting Terms
Directions: Select the one term in Column I that best fits each definition in
Column II. Print the letter identifying your choice in the Answers column.
Contains accounting terms for Lessons 9-1.
Answers
1.
2.
3.
Column I
A. accounts payable ledger
B. articles of incorporation
C. capital
Column II
1. Goods that a business purchases in order to sell. (p. 244)
2. A business that purchases and resells goods. (p. 244)
3. A merchandising business that sells to those who use or
consume the goods. (p. 244)
Accounting terms for Lessons 9-2 through 9-5 are presented on the following page.
H
I
J
Directions: Select the one term in Column I that best fits each definition in Column II.
Print the letter identifying your choice in the Answers column.
Contains accounting terms for Lessons 9-2 through 9-5.
Answers
1.
2.
3.
4.
5.
6.
7.
8.
Column I
A. cash discount
B. cash payments journal
C. contra account
D. cost of merchandise
E. credit limit
F. discount period
G. due date
H. general amount column
Column II
1. A list of assets, usually containing the value of individual items.
(p. 249)
2. The goods a business has on hand for sale to customers. (p. 249)
3. An inventory determined by keeping a continuous record of
increases, decreases, and the balance on hand of each item of
merchandise. (p. 249)
4. A merchandise inventory evaluated at the end of a fiscal period.
(p. 249)
5. When a periodic inventory is conducted by counting, weighing,
or measuring items of merchandise on hand. (p. 249)
6. The amount a business pays for goods it purchases to sell. (p. 250)
7. A form requesting the purchase of merchandise. (p. 251)
8. A form requesting that a vendor sell merchandise to a business.
(p. 251)
I
K
N
M
O
D
U
R
Name Date Class
Part Two—Analyzing Accounting Concepts and Practices
Directions: Place a T for True or an F for False in the Answers column to show
whether each of the following statements is true or false.
1. A corporation can incur liabilities but cannot own property. (p. 244)
2. The articles of incorporation typically include the name and address of the business, its
purpose for operating, any limitations on its activities and rules for dissolving the
corporation. (p. 244)
3. Unlike a proprietorship, a corporation exists independent of its owners. (p. 245)
9. The income statement of a merchandising business places Purchases in a section titled
Cost of Goods Sold, separate from other expenses. (p. 250)
10. A purchase invoice lists the quantity, the description, and the price of each item and
shows the total amount of the purchase. (p. 253)
11. A transaction to record merchandise purchased with a trade discount would include a
credit to Merchandise Discount. (p. 260)
12. When journalizing a cash payment for advertising, the vendor’s name is written in the
Account Title column of the cash payments journal. (p. 261)
13. When supplies are purchased for use in the business, the amount is recorded as a debit to
Purchases. (p. 262)
14. The terms of sale 2/15, n/30 mean that 2% of the invoice amount may be deducted if
paidfiwithin 15 days of the invoice date or the total invoice amount must be paid within
30fidays. (p. 263)
Answers
1.
2.
3.
9.
10.
11.
12.
13.
14.
F
T
T
T
T
F
F
F
T
Part Three—Analyzing Transactions Recorded in Special Journals
Directions: In Answers Column l, print the abbreviation for the journal in which each transaction
is to be recorded. In Answers Columns 2 and 3, print the letters identifying the accounts to be
debited and credited for each transaction.
PJ—Purchases journal; CPJ—Cash payments journal
Answers
Account Titles Transactions Journal Debit Credit
A. Accounts Payable 1-2-3. Purchased merchandise on account
from Walner Electric. (p. 253)
1. 2. 3.
B. Cash 4-5-6. Paid cash for rent. (p. 261) 4. 5. 6.
C. Cash Short and
Over
7-8-9. Paid cash to Triangle Suppliers for
supplies. (pp. 261 and 262)
7. 8. 9.
D. Credit Card Fee
Expense
10-11-12. Purchased merchandise from
Zaben Corp. for cash. (p. 262)
10. 11. 12.
PJ
CPJ
CPJ
CPJ
G
J
K
G
A, M
B
B
B
9-1 WORK TOGETHER, p. 248
Starting an accounts payable ledger form
1.
VENDOR VENDOR NO.
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
2.
VENDOR VENDOR NO.
20–
Oct. 1 Balance ✔14 8 9 50
Warren River Supply
Zodiac Industries
240
250
9-1 ON YOUR OWN, p. 248
Starting an accounts payable ledger form
1.
VENDOR VENDOR NO.
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
2.
VENDOR VENDOR NO.
20–
Nov. 1 Balance ✔9 4 8 25
Tilson Corporation
Value Distributors
240
250
Chapter 9 Accounting for Purchases and Cash Payments • 203
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Name Date Class
9-2, 9-3, 9-4, and 9-5 WORK TOGETHER, pp. 254, 259, 266, and 273
9-2 Journalizing purchases using a purchases journal
9-3 Posting from a purchases journal
9-4 Journalizing cash payments using a cash payments journal
9-5 Posting from a cash payments journal
CASH PAYMENTS JOURNAL PAGE
12345
DATE ACCOUNT TITLE CK.
NO.
POST.
REF.
GENERAL ACCOUNTS
PAYABLE
DEBIT
PURCHASES
DISCOUNT
CREDIT
CASH
CREDIT
DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
12 12
PURCHASES JOURNAL PAGE
DATE ACCOUNT CREDITED PURCH.
NO.
POST.
REF.
PURCHASES DR.
ACCTS. PAY. CR.
1 1
2 2
1., 2., 3.
9-3
10
20–
Oct. 2Pacific Supply 162 230 3 2 5 2 00
7 Coastal Company 163 210 5 3 2 00
9-2
20–
Oct. 2Utilities Expense 521 6170 1 2 4 00 1 2 4 00
3Grey Manufacturing, Inc. 522 220 1 6 4 0 00 3 2 80 1 6 0 7 20
9 Purchases 523 5110 1 5 7 5 00 1 5 7 5 00
12 Credit Card Fee Expense M77 6115 6 4 00 6 4 00
9-4
9-5
10
9-2, 9-3, 9-4, and 9-5 WORK TOGETHER (continued)
1.
VENDOR Coastal Company VENDOR NO. 210
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
20–
Oct. 1 Balance ✔1 6 9 8 88
VENDOR Pacific Supply VENDOR NO. 230
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
20–
Oct. 1 Balance ✔9 2 5 65
VENDOR Yeatman Designs VENDOR NO. 250
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
20–
Oct. 1 Balance ✔8 7 7 00
7 P10 5 3 2 00 2 2 3 0 88
2 P10 3 2 5 2 00 4 1 7 7 65
11 P10 8 6 6 00 1 7 4 3 00
9-3
9-3
9-3
Name Date Class
9-2, 9-3, 9-4, and 9-5 WORK TOGETHER (continued)
3.
ACCOUNT Cash ACCOUNT NO. 1110
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Oct. 1 Balance ✔16 4 5 5 19
ACCOUNT Supplies—Store ACCOUNT NO. 1150
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Oct. 1 Balance ✔4 1 8 0 18
ACCOUNT Purchases ACCOUNT NO. 5110
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Oct. 1 Balance ✔89 4 7 8 25
9-5
9-5
9-5
9-3
31 CP10 3 9 5 0 22 12 5 0 4 97
31 CP10 5 7 18 4 2 3 7 36
31 P10 4 6 5 0 00 94 1 2 8 25
9CP10 1 5 7 5 00 95 7 0 3 25
9-2, 9-3, 9-4, and 9-5 WORK TOGETHER (continued)
ACCOUNT Cash Short and Over ACCOUNT NO. 6110
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Oct. 1 Balance ✔1 9 95
ACCOUNT Miscellaneous Expense ACCOUNT NO. 6135
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Oct. 1 Balance ✔2 4 8 9 97
31 CP10 1 05 2 1 00
31 CP10 4 7 64 2 5 3 7 61
9-5
9-5
Name Date Class
9-2, 9-3, 9-4, and 9-5 WORK TOGETHER (concluded)
PETTY CASH REPORT
Date:
Custodian:
Explanation
Reconciliation
Replenish
Amount
Fund Total
Payments:
Less: Total payments
Equals: Recorded amount on hand
Less: Actual amount on hand
Equals: Cash short (over)
Amount to Replenish
John Sandersen
October 31, 20–
Supplies—Office
Supplies—Store
200.00
Miscellaneous
48.15
57.18
47.64
152.97 152.97
154.02
47.03
45.98
1.05 1.05
4.
Golden Fabrics
Schedule of Accounts Payable
October 31, 20–
CASH PAYMENTS JOURNAL PAGE
5 5
9-3
18 Sheng Industries 835 240 1 8 1 6 00 1 8 1 6 00
9-4
9-5
11
Name Date Class
9-2, 9-3, 9-4, and 9-5 ON YOUR OWN (continued)
1.
VENDOR Gillis Glass Co. VENDOR NO. 210
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
20–
Nov. 1 Balance ✔ 2 1 2 0 00
VENDOR McKell Supply, Inc. VENDOR NO. 230
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
20–
Nov. 1 Balance ✔ 6 4 8 50
VENDOR Tresler Corporation VENDOR NO. 250
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
20–
Nov. 1 Balance ✔ 2 9 1 3 00
3CP11 2 1 2 0 00
5P11 2 5 4 8 25 3 1 9 6 75
10 P11 1 5 2 5 00 4 4 3 8 00
9-5
9-3
9-3
9-2, 9-3, 9-4, and 9-5 ON YOUR OWN (continued)
3.
ACCOUNT Supplies—Office ACCOUNT NO. 1145
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Nov. 1 Balance ✔2 4 9 8 21
ACCOUNT Purchases ACCOUNT NO. 5110
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Nov. 1 Balance ✔92 1 8 4 11
30 P11 6 7 1 6 75 98 9 0 0 86
14 CP11 1 5 6 0 00 100 4 6 0 86
30 CP11 5 6 21 2 5 5 4 42
9-5
9-5
9-3
Name Date Class
9-2, 9-3, 9-4, and 9-5 ON YOUR OWN (continued)
ACCOUNT Cash Short and Over ACCOUNT NO. 6110
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Nov. 1 Balance ✔1 6 99
ACCOUNT Miscellaneous Expense ACCOUNT NO. 6135
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Nov. 1 Balance ✔1 0 9 2 05
30 CP11 1 45 1 5 54
30 CP11 3 6 17 1 1 2 8 22
9-5
9-5
9-2, 9-3, 9-4, and 9-5 ON YOUR OWN (concluded)
PETTY CASH REPORT
Date: Custodian:
Explanation
Reconciliation
Replenish
Amount
Fund Total
Payments:
Aimee Smith
November 30, 20–
Supplies—Office
Advertising
250.00
Miscellaneous
56.21
82.25
36.17
4.
Copperland Company
Schedule of Accounts Payable
November 30, 20–
Gillis Glass Co.
Lawes Imports 4 5 5 1 85
McKell Supply, Inc. 3 1 9 6 75
9-1 APPLICATION PROBLEM (LO3), p. 277
Starting an accounts payable ledger form
1., 2.
VENDOR VENDOR NO.
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
Name Date Class
20–
Sept. 1 Balance ✔2 4 8 9 90
Newton Industries
240
214 • Working Papers
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
9-2, 9-3, 9-4, and 9-5 APPLICATION PROBLEMS (LO6, 7, 8, 10),
pp. 277 and 278
9-2 Journalizing purchases using a purchases journal
9-3 Posting from a purchases journal
9-4 Journalizing cash payments using a cash payments journal
9-5 Posting from a cash payments journal
CASH PAYMENTS JOURNAL PAGE
12345
DATE ACCOUNT TITLE CK.
NO.
POST.
REF.
GENERAL ACCOUNTS
PAYABLE
DEBIT
PURCHASES
DISCOUNT
CREDIT
CASH
CREDIT
DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
PURCHASES JOURNAL PAGE
DATE ACCOUNT CREDITED PURCH.
NO.
POST.
REF.
PURCHASES DR.
ACCTS. PAY. CR.
1 1
2 2
3 3
(2110)(5110)
9
20–
Sept. 2Henson Audio 354 220 9 8 0 00
5 Peterson Electronics 355 250 2 4 5 0 00
13 Atlanta Systems 356 210 2 8 4 5 00
9-3
9-2
20–
Sept. 2Advertising Expense 388 6105 1 2 5 00 1 2 5 00
5Henson Audio 389 220 2 4 8 9 00 4 9 78 2 4 3 9 22
8 Utilities Expense 390 6170 2 4 0 00 2 4 0 00
10 Peterson Electronics 391 250 3 4 8 4 00 6 9 68 3 4 1 4 32
12 Supplies—Office 392 1145 4 3 00 4 3 00
9
23148_ch09_hr_197-238.indd 214 1/18/18 1:19 AM
Name Date Class
9-2, 9-3, 9-4, and 9-5 APPLICATION PROBLEMS (continued)
VENDOR Atlanta Systems VENDOR NO. 210
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
20–
Sept. 1 Balance ✔2 6 2 1 48
VENDOR Lester Corporation VENDOR NO. 230
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
20–
Sept. 1 Balance ✔6 3 8 00
VENDOR Peterson Electronics VENDOR NO. 250
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
20–
Sept. 1 Balance ✔3 4 8 4 00
13 P9 2 8 4 5 00 5 4 6 6 48
18 CP9 1 9 2 5 00 3 5 4 1 48
5 P9 2 4 5 0 00 5 9 3 4 00
10 CP9 3 4 8 4 00 2 4 5 0 00
19 P9 6 8 0 00 1 3 1 8 00
9-3
9-5
9-3
9-3
9-5
9-2, 9-3, 9-4, and 9-5 APPLICATION PROBLEMS (continued)
3.
ACCOUNT Cash ACCOUNT NO. 1110
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Sept. 1 Balance ✔22 1 8 9 18
ACCOUNT Supplies—Store ACCOUNT NO. 1150
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Sept. 1 Balance ✔3 9 1 4 11
ACCOUNT Purchases ACCOUNT NO. 5110
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Sept. 1 Balance ✔241 9 4 7 18
30 CP9 11 7 7 5 40 10 4 1 3 78
30 CP9 3 5 00 3 9 4 9 11
30 P9 11 8 4 5 00 253 7 9 2 18
15 CP9 2 1 3 6 00 255 9 2 8 18
16 CP9 3 4 9 00 256 2 7 7 18
9-5
9-5
9-3
9-5