• class notes;
• text, chapter 12
• handout: G.S.T. - The Big Salad
• Sales Journal
• Purchases Journal
• Cash Receipts Journal
• Cash Payments Journal
• Modifying the Accounting System Practice Test (Excel File)
• Modifying the Accounting System Practice Test Answer key (PDF File)

In order to successfully complete the 3A Accounting test on the accounting cycle for a merchandising firm, the student should be prepared to perform the following cognitive tasks:

• journalize credit sales transactions to the expanded Sales Journal (page 522) along with their associated entries to the GST payable account;

• post these credit sales transactions to the General Ledger and the Acconts Receivable Ledger (page 527);

• record entries to the Sales Return and Allowance account within the General Journal (pages 524 - 526):

• journalize cost of goods sold transactions within the Purchases Journal (page 540) along with their associated entries to the GST payable account:

• post these cost of goods sold transactions within the General Ledger and the Accounts Payable Ledger (page 540);

• record entries to the Transportation-In account, (page 545) as well as the Purchases Returns and Allowance account (page 546), within the General Journal;

• journalize cash receipts within the Cash Receipts Journal (page 555) along with their associated entries to the GST payable account;

• post these cash receipts transactions within the General Ledger and the Accounts Receivable Ledger;

• journalize cash payments within the Cash Payments Journal (page 559) along with their associated entries to the GST payable account;

• post these cash payments transactions within the General Ledger and the Accounts Payable Ledger;
  In addition, you must show how both:
  • Sales Discounts, and
  • Purchase Discounts

    are accounted for within the entries to these special journals.