Journalizing Purchases and Cash Payments
Introduction of an expanded 11 column journal for a partnership set up as a merchandising business. Introduction of what a partnership is consisted of and the advantages and disadvantages of a partnership. Introduction of what a merchandising business is, the cost of merchandise, mark up, vendors, invoices, and terms of sale. Introduction of the need for an 11 column journal and how to journalize purchasing merchandise for cash, purchasing merchandise on account and reviewing buying supplies for cash, buying supplies on account, paying cash for expenses, and paying cash to the different partners for their personal use.