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LESSON 2-2. Journalizing and Posting Cash Receipts. Sales Amount. +. 8.25% Sales Tax. =. Total Invoice Amount. $1,700.00. +. $140.25. =. $1,840.25. Invoice Amount. ×. Discount Rate. =. Sales Discount. $1,840.25. ×. 2%. =. $36.81. Total Invoice Amount. –. 2% Sales Discount.

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Lesson 2 2

LESSON 2-2

Journalizing and Posting Cash Receipts


Departmental cash receipts

Sales Amount

+

8.25% Sales Tax

=

Total Invoice Amount

$1,700.00

+

$140.25

=

$1,840.25

Invoice Amount

×

Discount Rate

=

Sales Discount

$1,840.25

×

2%

=

$36.81

Total Invoice Amount

2% Sales Discount

=

Amount Due in 10 Days

$1,840.25

$36.81

=

$1,803.44

DEPARTMENTAL CASH RECEIPTS

page 44

Terms: 2/10, n/30

Invoice paid within 10 days:

LESSON 2-2


Journalizing a cash receipt with a sales discount
JOURNALIZING A CASH RECEIPT WITH A SALES DISCOUNT

page 45

June 1. Received cash on account from Olympic Productions, $1,803.44, covering Sales Invoice No. 96 for audio equipment for $1,840.25 ($1,700.00 plus sales tax, $140.25), less 2% discount, $36.81. Receipt No. 89.

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6

1. Write the date.

5. Write the sales discount debit amount.

2. Write the customer name.

6. Write the cash debit amount.

3. Record the receipt number.

4. Write the accounts receivable credit amount.

LESSON 2-2


Journalizing a cash receipt with a sales return and a sales discount
JOURNALIZING A CASH RECEIPT WITH A SALES RETURN AND A SALES DISCOUNT

page 46

June 8. Received cash on account from Kim Electronics, $159.12, covering Sales Invoice No. 101 for $303.10 ($280.00 plus sales tax, $23.10), less Credit Memorandum No. 43 for $140.73 ($130.00 plus sales tax, $10.73), less 2% discount, $3.25. Receipt No. 92.

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2

3

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5

6

1. Write date.

4. Write the account receivable credit amount.

2. Write the customer name.

5. Write the sales discount debit amount.

3. Record receipt number.

6. Write the cash debit amount.

LESSON 2-2


Journalizing cash and credit card sales
JOURNALIZING CASH AND CREDIT CARD SALES DISCOUNT

page 47

June 11. Recorded cash and credit card sales, audio equipment, $4,370.00; video equipment, $6,280.00; plus sales tax, $878.63; total $11,528.63. Terminal Summary No. 53.

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1. Date

2. Check mark in Account Title column

5. Sales tax payable credit amount

3. Cash register tape number

6. Sales credit amounts

4. Check mark in Post. Ref. column

7. Cash debit amount

LESSON 2-2


Posting from a cash receipts journal

1 DISCOUNT

2

POSTING FROM A CASH RECEIPTS JOURNAL

page 48

1. Individual amounts are posted to the accounts receivable ledger.

2. Column totals are posted to the account named in the column heading.

LESSON 2-2


Order of posting from journals
ORDER OF POSTING DISCOUNTFROM JOURNALS

page 49

  • Sales journal

  • Purchases journal

  • General journal

  • Cash receipts journal

  • Cash payments journal

LESSON 2-2


Terms review
TERMS REVIEW DISCOUNT

page 50

  • sales discount

  • point-of-sale (POS) terminal

  • terminal summary

LESSON 2-2


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