1 / 0

Chapter 10: Journalizing Sales and Cash Receipts Using Special Journals

Chapter 10: Journalizing Sales and Cash Receipts Using Special Journals. The Sales Journal. For sales on account Source document: Sales Invoice Total Sales Invoice amount = Sales + Sales Tax. Page 273

creola
Download Presentation

Chapter 10: Journalizing Sales and Cash Receipts Using Special Journals

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Chapter 10: Journalizing Sales and Cash Receipts Using Special Journals

  2. The Sales Journal For sales on account Source document: Sales Invoice Total Sales Invoice amount = Sales + Sales Tax Page 273 November 3. Sold merchandise on account to Village Crafts, $540.00, plus sales tax, $32.40; total, $572.40. Sales Invoice No 76.
  3. PRACTICE: 10-1 WT - Txtbk p. 274, WP p. 225 10-1 OYO – Txtbk p. 274, WP p. 226
  4. The Cash Receipts Journal: Cash and Credit Card Sales For cash and credit card sales Source document: Terminal Summary (TS) Total Cash = Sales + Sales Tax Payable Page 279 November 4. Recorded cash and credit card sales, $5460.00, plus sales tax, $327.60; total, $5787.60. Terminal Summary 34.
  5. PRACTICE: 10-2 WT - Txtbk p. 284, WP p. 227Oct. 13th transaction 10-2 OYO – Txtbk p. 284, WP p. 228 Nov. 13th transaction
  6. The Cash Receipts Journal: Cash Receipts on Account For cash received to pay an accounts receivable The sale has already been recorded on the Sales Journal Source document: Receipt (R) Total Cash = Sales + Sales Tax Payable Page 280 November 6. Received cash on account from Country Crafters, $2162.40, covering S69. Receipt No. 90
  7. PRACTICE: 10-2 WT - Txtbk p. 284, WP p. 227Oct. 4th transaction 10-2 OYO – Txtbk p. 284, WP p. 228 Nov. 2nd transaction
  8. The Cash Receipts Journal: Cash Receipts on Account with Sales Disc’t For cash received to pay an accounts receivable The sale has already been recorded on the Sales Journal A discount has been given to encourage payment Source document: Receipt (R) Total Cash = Accounts Receivable – Sales Disct Page 282 November 7. Received cash on account from Cumberland Center, $1,176.00, covering sales invoice no. 74 for $1,200.00, less 2% discount, $24.00. Receipt No. 91.
  9. PRACTICE: 10-2 WT - Txtbk p. 284, WP p. 227Oct. 30th transaction 10-2 OYO – Txtbk p. 284, WP p. 228 Nov. 27th transaction
  10. 10-3 General Journal: Sales Returns & Allowances p. 286 When a customer returns something or receives something damaged Source document: Credit Memorandum The Sales transaction has already been recorded on the Sales Journal *Remember: A General Journal requires a debit and a credit entry March 11. Granted credit to Village Crafts for merchandise returned, $58.50, plus sales tax, $3.51, from S150; total, $62.01, Credit Memorandum # 41
  11. PRACTICE: 10-3 WT - Txtbk p. 287, WP p. 229 10-3 OYO – Txtbk p. 287, WP p. 230
More Related