Special Journals: Purchases and Cash Payments, Page 3

 Special Journal: Purchases and Cash Payments - Objectives

After you have completed this section, you will be able to:

1. Explain the purpose of the Purchases and Cash Payments Journal.
2. Record transactions in the Purchases and Cash Payments Journal.
3. Record payroll transactions in the Cash Payments Journal.
4. Post transactions from the Purchases and Cash Payments Journal to the General Ledger and the Accounts Payable Subsidiary Ledger.
5. Explain how to total, prove, and rule the Purchases and Cash Payment Journals.
6. Prepare a schedule of Accounts Payable.
7. Explain how to prove cash.
8. Define the accounting terms introduced in this chapter.