Chapter 10 Chapter 10 Sales and Cash Receipts Sales and Cash Receipts journal journal
Chapter 10Chapter 10
Sales and Cash Receipts Sales and Cash Receipts journaljournal
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.
Sales journalSales journal
Sales Journal
DateAccount
DebitedSales
NoPostRef
AccountRec. Debit
Sales CreditSales TaxPayableCredit
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
Aplia “ On your own” Aplia “ On your own” 10-110-1
Cash Receipts JournalCash Receipts Journal
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.
Cash Receipt journalCash Receipt journal
Cash Receipt Journal
DateAccount
TitleDocNo.
PostRef
GeneralAcctRec
Credit
SalesCredit
SalesTax
PayableCredit
CashDebit
Debit Credit
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
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
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
Aplia 10-2 “On your Aplia 10-2 “On your own”own”
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….
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
Problems 11-1,2,3,4Problems 11-1,2,3,4 Computer Problem 11-3Computer Problem 11-3