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Chapter 10 Chapter 10 Sales and Cash Receipts Sales and Cash Receipts journal journal
15

Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

Jan 14, 2016

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Page 1: Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

Chapter 10Chapter 10

Sales and Cash Receipts Sales and Cash Receipts journaljournal

Page 2: Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

Terms you need to Terms you need to knowknow Customer – a person or business Customer – a person or business

to who merchandise or services to who merchandise or services are sold.are sold.

Sales Tax – a tax on a sale of Sales Tax – a tax on a sale of merchandise or services.merchandise or services.

Page 3: Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

Sales journalSales journal

Sales Journal

DateAccount

DebitedSales

NoPostRef

AccountRec. Debit

Sales CreditSales TaxPayableCredit

             

             

             

             

             

             

Page 4: Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

Nov 3. Sold merchandise on Nov 3. Sold merchandise on account to Children’s Paradise, account to Children’s Paradise, $816.00 plus sales tax, $48.96; $816.00 plus sales tax, $48.96; total, $864.96. Sales Invoice total, $864.96. Sales Invoice No. 76No. 76

Sales Journal

Date Account DebitedSales

No

PostRef

AccountRec. Debit

SalesCredit

Sales TaxPayableCredit

3-Nov Childrens Paradise 76   864.96 816 48.96

             

             

             

Page 5: Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

Aplia “ On your own” Aplia “ On your own” 10-110-1

Page 6: Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

Cash Receipts JournalCash Receipts Journal

Page 7: Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

Terms you need to Terms you need to knowknow

If you have your textbook look If you have your textbook look at page 277at page 277

Cash SaleCash Sale– A sale in which cash is received for A sale in which cash is received for

the total amount of the sale.the total amount of the sale. Credit Card SaleCredit Card Sale

– A Sale in which cash is received for A Sale in which cash is received for the total amount of the sale.the total amount of the sale.

Page 8: Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

Cash Receipt journalCash Receipt journal

Cash Receipt Journal

DateAccount

TitleDocNo.

PostRef

GeneralAcctRec

Credit

SalesCredit

SalesTax

PayableCredit

CashDebit

Debit Credit

                   

                   

                   

                   

                   

                   

Page 9: Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

November 4 Recorded Cash and November 4 Recorded Cash and Credit card sale, $5,460.00 plus Credit card sale, $5,460.00 plus sales tax, $327.60 total sales tax, $327.60 total $5787.60. Cash Tape No 4$5787.60. Cash Tape No 4

Cash Receipt Journal

DateAccount

TitleDocNo.

PostRef

GeneralAcctRec

Credit

SalesCredit

SalesTax

PayableCredit

CashDebitDebit Credit

4-Nov   T4         5460 327.6 5787.6

                   

                   

                   

                   

                   

Page 10: Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

Nov. 6 Received Cash on Nov. 6 Received Cash on account from Fiesta Costumes account from Fiesta Costumes $2162.40, covering s 69 $2162.40, covering s 69 Receipt No. 90Receipt No. 90

Cash Receipt Journal

Date Account TitleDoc

No.

PostRef

General AcctRec

Credit

SalesCredit

SalesTax

PayabeCredit

CashDebitDebit Credit

4-Nov   T4         5460 327.6 5787.6

6-NovFiesta Costumes R90       2162.4     2162.4

                   

                   

                   

                   

Page 11: Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

When we give a When we give a discount to our discount to our customer.customer.

Sales Discount- terms of contract 2/10 N30

2% discount if paid within 10 days of sale or balance is paid in 30

Cash Receipt Journal

Date Account TitleDoc

No.

PostRef

General AcctRec

Credit

SalesCredit

SalesTax

PayableCredit

Sales Discount Debit

CashDebitDebit Credit

4-Nov   T4         5460 327.6 5787.6

6-NovFiesta Costumes R90       2162.4     2162.4

7-NovCumberland

Center R91       1200      24 1176

                   

                   

                   

November 7. Received cash on account from Cumberland Center, $1,176.00, covering Sale Invoice No. 74 for $1,200, less 2% discount, $24.00. Receipt No. 91

Page 12: Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

Aplia 10-2 “On your Aplia 10-2 “On your own”own”

Page 13: Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

Recording Recording Transactions Using a Transactions Using a General JournalGeneral Journal Sales Return and Allowance – Sales Return and Allowance –

When we sell something and have When we sell something and have it returned.it returned.

We have to return the money We have to return the money owed for the item plus the taxes owed for the item plus the taxes that went with it….that went with it….

Page 14: Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

March 11, Granted Credit to Village Crafts March 11, Granted Credit to Village Crafts for merchandise returned, $58.50, plus for merchandise returned, $58.50, plus sales tax, $3.51, from S160; total, $62.01. sales tax, $3.51, from S160; total, $62.01. Credit Memorandum No. 41Credit Memorandum No. 41

General Journal

Date Account TitleDoc. No

Post Ref. Debit Credit

Nov 6  Supplies – Store M52   210  

  Accts Pay/Gulf Craft Supply         

 March 11 Sales Return and AllowanceCM41

    58.50   

   Sales Tax Payable      3.51  

   Accounts Receivable/Village Crafts       62.01 

           

           

Page 15: Chapter 10 Sales and Cash Receipts journal. Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer –

Problems 11-1,2,3,4Problems 11-1,2,3,4 Computer Problem 11-3Computer Problem 11-3