Free Bookkeeping Video Tips

Merchandising Purchases

Topics

  • Record purchases of merchandise on credit in a general journal.
  • Compute the net delivered cost of purchases.
  • Post from the general journal to the general ledger accounts.
  • Post transactions to the accounts payable subsidiary ledger.
  • Prepare a schedule of accounts payable.
  • Demonstrate a knowledge of the procedures for effective internal control of purchases.
  • Record purchases, sales, returns, cash payments, and cash receipts using the perpetual inventory system.

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