Accounting 30 - Module 2

162 Pages·1991·10.8 MB·English

by  Alberta. Alberta Education. Alberta Distance Learning Centre

Departmentalized
Accounting
Module 2
Learning Facilitator's Manual
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Distance
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Learning
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EDUCATION
Note
ThisAccountingLearningFacilitator'sManualcontainsanswerstoteacher-assessedassignmentsandthe
final test; therefore,itshouldbekeptsecurebytheteacher.Studentsshouldnothaveaccessto these
assignmentsorthefinaltestuntiltheyareassignedinasupervisedsituation.Theanswersshouldbe stored
securely by theteacheratalltimes.
Accounting30
Learning Facilitator's Manual
Module 2
Departmentalized Accounting
Alberta Distance Learning Centre
ISBN No. 0-7741-0310-8
ALL RIGHTS RESERVED
Copyright*1991,theCrowninRightofAlberta,asrepresentedbytheMinisterofEducation,AlbertaEducation,11160JasperAvenue,
Edmonton, Alberta,T5K0L2.
AUrightsreserved. AdditionalcopiesmaybeobtainedfromtheLearningResourcesDistributingCentre.
Nopartofthiscoursewaremaybereproducedinany formincludingphotocopying(unlessotherwiseindicated)withoutthewritten
permissionofAlbertaEducatioiL
Everyefforthasbeenmadebothtoprovideproperacknowledgementoftheoriginalsourceandtocomplywithcopyrightlaw. Ifcases
areidentifiedwherethishasnotbeendone,pleasenotifyAlbertaEducationsoappropriatecorrectiveactioncanbetaken.
uNiVcHSlTY.LIBRARY
Module2
Module 2 Overview
Thepreviousmodulelookedatthevouchersystem,budgeting,andend-of-yearadjustments.This
moduleexaminesconceptsrelatedtotheauthorizationandapprovalofcashpayments,andthe
planningofexpendituresandprocedurestoendtheaccountingcycleforoneyear.
Module2alsoexaminesthemerchandiseaccountingactivitiesrelatedtodepartmentsinabusiness
whetheritbebigorsmall-apartnershiporcorporation. Studentswillberequiredtojournalize
transactionsintovariousspecialdepartmentaljournals,learnthevariouswaysofinventorycontrol,
andoneofthemostimportanttasks,calculatepayroll.
Purchases and Sales and
Cash Payments Cash Receipts
Departmentalized
Accounting
Inventory Control Payroll
Evaluation
The student'smarkinthismodule willbedeterminedbytheworkinthe AssignmentBooklet. All
assignmentsmustbecompleted. Inthismodulethe studentisexpectedtocomplete foursection
assignments. Thesuggestedassignmentbreakdownisas follows:
Section 1 Assignment 25%
Section2Assignment 25%
Section3Assignment 25%
Section4Assignment 25%
Total 100%
Accounting30 1 LearningFacilitator'sManual
Module 2
Possible Classroom Openers
• Discusswhybusinessesmightorganizetheirmerchandiseactivitiesandtheiraccountingrecords by
departmentsformanagementefficiency.
• Discussandelaborateonotherbusinessesthatrequireabreakdownofinformation-forexample,
manufacturing,farming,orpetroleum.
• Reviewtheuseofspecialjournals(inAccounting30,Module 1).Provideaseriesofactivities that
requirethestudentstoanalyseanddetenninewhichspecialjournalswouldbesuitedtorecord
specifictransactions. Areviewofpostingofthesetransactionswouldbe advisable.
Section 1: Purchases and Cash Payments
Thebasicgoalsofthissectionaretoensurethatstudents
• leamhowtransactionsinvolvingpurchasesdiscountsandpurchasesreturns are recordedina
departmentalizedsystem
• leamhowtoprepare abankreconciliationandrecordtheresultingtransactions
PossibleActivities
• Usingtransparenciesorachart,discusshowpurchasesreturnsanddiscounts arerecorded in ihc
specialjournals.
• Usetransparenciestoshowthestep-by-stepprocedureinpreparingabankreconciliationstatement.
Accounting30 2 LearningFacilitator'sManual
Module2
Section 1 Activity 1
ThefollowinginvoicewasreceivedbyJasonFarmsfromSmith&JonesFoodProducts. Followthe
instructionstorecordtheinfomationforJasonFarms.
Instruction 1: StudytheinvoiceandcompletethenotationforthethreedepartmentsusedbyJason
Fanns.
Smith & Jones Food Products
172 Valley Road
Red Deer, Alberta
T2X 1B5
TO: ^cuofvfarms' DATE: MarcA^ZO, 19xx
1700 iSldowQ^riot^JHi^
T2Y0S3 INVOICE: 1290
TERMSOFSALE: 2/10, n/50
QUANTITY DESCRIPTION UNIT PRICE AMOUNT
25 ^-^BofiC'SteaAs^ 6.00 150.00
15dozen 1.00 15.00
30head 1.25 37.50
202.50
Accounting30 3 LearningFacilitator'sManual
Module2
Instruction 2: Recordtheinformationontheinvoiceinthepurchasesjournal.
Instruction3: Posttheentrytotheaccountspayablesubsidiaryledger.
Instruction4: Singlerule,total,anddoublerulethecolumnsofthepurchasesjournal.
Instruction5: Postthetotalsofthespecialcolumnsofthepurchasesjournaltothegeneralledger.
Instruction6: Completetheaccountbalancesineachgeneralledgeraccount
PURCHASES JOURNAL PAGE
1
1 2 3 4
ACCOUNTS PURCHASES DEBIT
PUR. POST. PAYABLE
DATE ACCOUNTCREDITED NO. REF. CREDIT MEAT EGGS PRODUCE
^^^^
1 ,f 1 J99 2 5 5 50 2 J J 50 1
2 4 Sones^Groceries'^d. 400 2 0 2 50 7 2 50 / J 0 00 2
25 29 rJa/ia^'s'Atea/y^rocessirup 451 8 5 00 8 5 00 25
26 50 452 1^ 2 0 2 50 1 5 0 00 1 5 00 5 7 50 26
27 50 7 2 5 50 4 6 8 50 8 7 50 1 6 7 50 27
28 28
f:i ) i1") {'>i::) (
29 29
30 30
Accounts Payable Ledger
NAME (fe Jones'^aod^Wuces' TERMS
ADDRESS
POST. CREDIT
DATE ITEM REF. DEBIT CREDIT BALANCE
JV,lfar.19XX 7 PI 7 2 50
10 PI 9 1 25 / 6 5 75
50 PI 2 0 2 50 5 6 6 25
Accounting30 4 LearningFacilitator'sManual
Module2
General Ledger
ACCOUNT MaHuits^^M^ ACCOUNT NO. 2U
/
\
POST. DR
DATE ITEM REF. DEBIT CREDIT CR BALANCE
,^ 19xx 1 CR 8 7 2 00
30 PI 7 2 J 50 CR / 5 9 5 50
i ACCOUNT ^rcJuuies^ - J'leat^ ACCOUNT NO. 511
\
POST. DR
DATE ITEM REF. DEBIT CREDIT CR BALANCE
,^ 19xx 1 DR 9 4 2 00
30 PI 4 6 8 50 DR / 4 1 0 50
1 ACCOUNT ^rc/ia.i&i. - oV<«> ACCOUNT NO. 512
]
POST. DR
DATE ITEM REF. DEBIT CREDIT CR BALANCE
jl,Ja^r-.19xx 1 DR 7 3 7 00
30 PI 8 7 50 DR 8 2 4 50
1 ACCOUNT ^rc/i/ire.p - ^o(/t/ce^ ACCOUNT NO. 513 \
POST. DR
DATE ITEM REF. DEBIT CREDIT CR BALANCE
jl,/afr-.I9xx 1 DR 8 3 1 00
30 Pi / 6 7 50 DR 9 9 8 50
Accounting30 5 LearningFacilitator'sManual
Module 2
Section 1 Activity2
AstheaccountantforJasonFarms, younotethattensteaksworth$60.00werepurchasedfrom Smith
&JonesProducts(InvoiceNo. 1290) andwerereturnedbecausetheywerechucksteaksandnot
T-bonesteaks asordered. YouissueDebitMemorandumNo, 74,March30, 19xx.
Instruction 1: Recordthetransactioninthepurchasesreturnsandallowancesjournal.
Instruction2: Posttheentrytothe accountspayablesubsidiaryledger.
Instruction3: Singlerule,total, anddoublerulethecolumnsofthepurchasesreturns and
allowancesjournal.
Instruction4: Postthespecialcolumntotalsofthepurchases returns andallowancesjournal to ihc
generalledger.
Instruction 5: Completetheaccountbalancesineachgeneralledgeraccount.
PURCHASES RETURNS AND ALLOWANCES JOURNAL PAGE 2
1 2 3 4
DEBIT ACCOUNTS PURCHASES RETURNSANDALLOWANCES CREDIT
MEMO. POST. PAYABLE
DATE ACCOUNT DEBITED NO. REF. DEBIT MEAT EGGS PRODUCE
I9XX
1 3 63 (X / 3 25 / 3 25 1
2 7 64 5 50 4 00 / 50 2
1 I
21 30 75 6 75 6 75 21
22 30 74 6 0 00 6 0 00 22
23 30 8 5 50 8 0 00 4 00 / 50 23
24 (::i ) (511 (5121) (S13•1) 24
25 25
Accounts Payable Ledger
NAME Jrm//i. <Sc fane^^aod^a</ucf.^. TERMS
ADDRESS
POST. CREDIT
DATE ITEM REF. DEBIT CREDIT BALANCE
,t,Jrar.19XX 7 PI 7 2 50
10 PI 9 / 25 / 6 3 75
30 PI 2 0 2 50 3 6 6 25
30 PR2 6 0 00 3 0 6 25
Accounting30 6 LearningFacilitator'sManual
Module2
General Ledger
ACCOUNT Mcoimts^^^a6U ACCOUNT NO. 2U
POST. DR
DATE ITEM REF. DEBIT CREDIT CR BALANCE
I9xx
1 CR 8 7 2 00
30 PR2 8 5 50 CR 7 8 6 50
1 ACCOUNT ^rc/uKes^^elurn.i.and^(//cHa<mc€s. - JiecU^ ACCOUNT NO. 511A \
POST. DR
DATE ITEM REF. DEBIT CREDIT CR BALANCE
I9xx 50 PR2 8 0 00 CR 5 0 00
1 ACCOUNT ^rc/iajses^^e/arfi.t.am/'MlouxmceJi' - (Sq^Ji^ ACCOUNT NO. 512A \
POST. DR
DATE ITEM REF. DEBIT CREDIT CR BALANCE
19xx 30 PR2 4 00 CR 4 00
ACCOUNT ^rc/uises^^urn,t^cu^.A/l(HCHuiC€S. - 3^(>(/uco ACCOUNT NO. 513A
( \
POST. DR
DATE ITEM REF. DEBIT CREDIT CR BALANCE
,^ 19xx 30 PR2 / 50 CR / 50
Accounting30 7 LearningFacilitator'sManual
Module2
Section 1 Activity3
ThecashpaymentsjournalforBill'sHardwareStoreisshown. Thecompanyhastwodepartments:
ToolsandAppliances. OnJuly29, 19xx,BillwroteChequeNo. 278 toBeaverHome &Appliance
Co.topay a$749.00invoiceforapplianceslessa2% discount.
Instruction 1: Recordtheentryinthecashpaymentsjournal.
Instruction2: Posttheentrytotheaccountspayablesubsidiaryledger.
Instruction3: Single rule, total, anddouble rulethecolumnsofthecashpaymentsjournal.
Instruction 4: Postthe totalsofthespecialcolumnsofthecashpaymentsjournal tothe general
ledger.
Accounting30 8 LearningFacilitator'sManual