Lesson 2 2
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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

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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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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

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

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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 FROM JOURNALS

page 49

  • Sales journal

  • Purchases journal

  • General journal

  • Cash receipts journal

  • Cash payments journal

LESSON 2-2


Terms review

TERMS REVIEW

page 50

  • sales discount

  • point-of-sale (POS) terminal

  • terminal summary

LESSON 2-2


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