CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Accounting, Thursday, March 8 BELL RINGER Answer the questions on the worksheet from Lesson.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

Accounting, Thursday, March 8

BELL RINGERAnswer the questions on

the worksheet from Lesson 10-1Journalizing sales on account using

the Sales Journal

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

2

LESSON 10-2

TERMS

cash sale credit card sale point-of-sale (POS) terminal terminal summary batch report batching out cash receipts journal sales discount

page 284

Define the following terms from Lesson 10-2, pages 276-284

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 10-2

Journalizing Cash Receipts Using a Cash Receipts Journal

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

4

LESSON 10-2

PROCESSING SALES TRANSACTIONS pages 276- 277

UPC (Universal Product Code)

Cash Register Receipt

Point-of-Sale (POS) Terminal Receipt

(continued on next slide)

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

5

LESSON 10-2

PROCESSING SALES TRANSACTIONS page 277

Terminal Summary

Batch Report

(continued from previous slide)

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

6

LESSON 10-2

CASH RECEIPTS JOURNAL page 278

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

7

LESSON 10-2

CASH AND CREDIT CARD SALES

12

34

5 6

page 279

November 4. Recorded cash and credit card sales, $5,460.00, plus sales tax, $327.60; total, $5,787.60. Terminal Summary 34.

1. Write the date.2. Place a check mark in the Account Title column.3. Write the terminal summary document number.4. Place a check mark in the Post. Ref. column.5. Write the sales amount.6. Write the sales tax amount.7. Write the cash amount.

7

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

8

LESSON 10-2

CASH RECEIPTS ON ACCOUNT

1 2 3 4 5

page 280

November 6. Received cash on account from Country Crafters, $2,162.40, covering S69. Receipt No. 90.

1. Write the date.

2. Write the customer’s name.

3. Write the receipt number.

4. Write the credit amount.

5. Write the debit amount.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

9

LESSON 10-2

JOURNALIZING CASH RECEIPTS ON ACCOUNT WITH SALES DISCOUNTS

1 2 3 4 5 6

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.

4. Write the original invoice amount.1. Write the date.

2. Write the customer’s name.

3. Write the receipt number.

5. Write the amount of sales discount.

6. Write the debit to cash.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

10

LESSON 10-2

TOTALING, PROVING, AND RULING A CASH RECEIPTS JOURNAL page 283

Column Title Debit Totals Credit TotalsGeneral Debit    General Credit    Accounts receivable Credit    Sales Credit    Sales Tax Payable Credit    Sales Discount Debit    Cash Debit    TOTALS    

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

11

LESSON 10-2

TOTALING, PROVING, AND RULING A CASH RECEIPTS JOURNAL page 283

Proving Cash:Cash on Hand at the beginning of the month (from Nov. 1 balance of general ledger cash account)

$17,647.44

PLUS total cash received during the month(cash debit column, cash receipts journal)

EQUALS TOTAL  LESS total cash paid during the month(cash credit column total, cash payments journal)

$32,901.40

EQUALS cash balance on hand at end of the month  Checkbook balance on the next unused check stub  

Proving Cash: The balance on the next unused check stub is $23,414.84

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

12

LESSON 5-1

ASSIGNMENT

Work Together 10-2 as a Class, pg. 284

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

15

LESSON 5-1

ASSIGNMENT

On Your Own 10-2 on Aplia practice / completion grade, pg. 284 (10 points)

Application 10-1: Grade It Now, page 289

Everfi Module 5 (everfi.net); Due Friday March 9

Professinal Reading due Monday March 26, 2012