PPT-Lesson 10: Using a Charge Account

Consumer Math p 7374 Key Words Charge account an account with a store or company to which goods are charged and then paid for at a later date Minimum Payment the smallest amount due to be paid on a charge account. The account provides security and convenience for students by enabling purchases to be made at the store without the need to carry around cash or credit cards Purchases may be made using the student ID which should be carri ed regularly for access t Recording Adjusting Entries. 2. LESSON 16-1. ADJUSTING ENTRIES RECORDED FROM A WORK SHEET. 3. page 480. 2. 1. 4. 5. 6. 7. 1. Heading. 2. Date. 3. Identify the first adjustment. 4. Account debited. 5. Debit. Finding and Correcting Errors on the Work Sheet. CORRECTING ACCOUNTING ERRORS ON A WORK SHEET. Some errors in accounting records are not found until a work sheet is prepared. Many times this is found when the work sheet’s trial balance does not balance due to:. Checking Accounts. 6-1. 2. Checking Account. . A bank account from which payments can be ordered by a depositor. Endorsement. A signature or stamp on the back of a check transferring ownership. New Vocabulary. Vocabulary. Checking account service fees. . Checking account service fees – A monthly fee assessed by the financial institution that can often be waived with minimum balances or promotional opportunities.. Write a one-sentence story problem about ratios.. The ratio of sunny days to cloudy days in Montgomery is 3:1.. Write the ratio in two different forms.. 3:1 3 to 1. When prompted by your teacher, share your sentences and ratios with your table partner.. 27. PLEASE USE THE TIME DURING . ANNOUCEMENTS. TO FINISH APPLICATION PROBLE. M 9-3. Updated . Class Expectations. Everfi. Modules. Extra Credit. Classwork. Tardiness. EXTRA CREDIT. GRADE. POINTS. EARNED. Click on the letter of your choice to test your understanding.. A . deposit account that offers easy access to your money, offers the option to pay bills online or by electronic transfer, and offers the option to make purchases with an . Preparing and . Maintaining . a Chart of Accounts. Learning Objectives. LO. 1. Construct a chart of accounts for a service business organized as a proprietorship.. LO. 2. Demonstrate correct principles for numbering accounts.. Month: January. Helpful Hints. Remember to fill out the check register before you write the check. Normally use a pen, for our simulation you may use a pencil. You are require to write checks, make deposits and reconcile for the first two months-January and February.. Accounting in the real world & Internet Activity. What’s My Balance?. Record Sales Volume at Amazon.com. Answer the two critical thinking questions.. Internet Activity. www.sec.gov. Amazon.com. Income Tax. LO. 7. Post adjusting entries.. LO. 8. Adjust federal income tax payable.. LO. 9. Prepare an adjusted trial balance.. Learning Objectives. Adjusting Entries. LO7. SLIDE 2. Lesson 15-4. Sales . on . Account. LO. 1. . Explain the relationship between the . accounts receivable ledger and its . controlling account.. LO. 2. Record sales on account using a . sales journal.. Learning Objectives. Minimum Amount to OpenMinimum BalanceAnnual Percentage YieldMonthly Service ChargeEarly Account Closing FeeGENERAL FEESIncoming ACHOutgoing ACHIncoming Domestic WireIncoming Foreign WireStop PaymentsI