Tuesday Accounting:

In chapter 10 special journals were introduced. At this time we have two special journals, the Purchases and Cash Payments journals. The general journal (page 241) will be used to record "generic" entries throughout any month.

The Purchases journal (page 227) will directly handle merchandise bought on account. A merchandise business uses a purchases journal for items for resale only. The purchase of supplies is not recorded in a purchases journal because supplies are not for resale.

A Cash Payments journal (page 230-238) records entries for all checks written. This journal will have the most entries every month. Each time a partnership business writes a check the entry is recorded in cash payments. Both the journals will have column totals recorded at the end of each mont. It is not necessary to total the general journal.

Tomorrow we will have our largest classroom problem to date. We will have class in the cafeteria on Wednesday. Peruse your textbook pages today in chapter ten. Tomorrow's problem will have colored journal pages to help you with the entries.

Enjoy your day in accounting.

Mr. Morris