Chapter 11: Accounting for Transactions Using a General Journal
LO1 Explain the purpose of a general journal. LO2 Account for purchases returns and allowances. LO3 Post a general journal to the accounts payable ledger and general ledger. LO4 Account for sales returns and allowances. LO5 Post a general journal to the accounts receivable ledger and general ledger. LO6 Record a correcting entry to the accounts receivable ledger. LO7 Explain the relationship between retained earnings and dividends. LO8 Account for the declaration and payment of dividends.
Chapter 11 Accounting for Transactions Using a General Journal 11-1 LO1 Explain the purpose of a Understanding the General journal Accounting for general journal. Accounting Cycle for a Purchases return Purchases LO2 Account for purchases Merchandising Business Purchases Transactions returns and allowances. 59: Identify special journals allowance Using a LO3 Post a general journal to and their uses. Debit General the accounts payable ledger memorandum Journal and general ledger. 11-2 LO4 Account for sales returns Understanding the Sales return Recording and allowances. Accounting Cycle for a Sales allowance Sales LO5 Post a general journal to Merchandising Business Credit Transactions the accounts receivable ledger 59: Identify special journals memorandum Using a general ledger. and their uses. General LO6 Record a correcting entry Journal to the accounts receivable ledger. 11-3 LO7 Explain the relationship Understanding the Accounting Retained earnings Accounting for between retained earnings and Cycle for a Service Business Dividends the dividends. 73: Maintain financial records Board of directors Declaration LO8 Account for the declaration for a merchandising business, Declaring a and Payment and payment of dividends. using accounting software. dividend of a Dividend 74: Maintain financial records for a merchandising business, using spreadsheet software. 6321: Implementing Accounting for a Corporation 63: Record dividend distribution.