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Accounting I Accounting I Chapter 11 – Journalizing Sales & Cash Receipts
Accounting IAccounting I
Chapter 11 – Journalizing Sales & Cash Receipts
TTERMS REVIEWERMS REVIEWcustomer
sales tax
cash sale
credit card sale
Lesson 11-1, page 259Lesson 11-1, page 259
TTERMS REVIEWERMS REVIEW
CustomerCustomer
A person or business to whom merchandise or services are sold.
Lesson 11-1, page 252Lesson 11-1, page 252
TTERMS REVIEWERMS REVIEW
Sales TaxSales Tax
A tax on a sale of merchandise or service.
Lesson 11-1, page 252Lesson 11-1, page 252
TTERMS REVIEWERMS REVIEW
Cash SaleCash Sale
A sale in which cash is received for the total amount of the sale at the time of the transaction.
Lesson 11-1, page 254Lesson 11-1, page 254
TTERMS REVIEWERMS REVIEW
Credit Card SaleCredit Card Sale
A sale in which a credit card is used for the total amount of the sale at the time of the transaction.
Lesson 11-1, page 254Lesson 11-1, page 254
SalesCash
CASH AND CREDIT CARD SALESCASH AND CREDIT CARD SALES
November 4. Recorded cash and credit card sales, $5,460.00, plus sales tax, $327.60; total, $5,787.60. Cash Register Tape No 4.
Accounts Affected
Cash
Sales
Sales Tax Payable
Entered
Debit side
Credit side
Credit side
Change
Increased
Increased
Increased
Lesson 11-1, page 255Lesson 11-1, page 255
Classification
Asset
Revenue
Liability
normal balance
5,460.60normal balance
5,787.60
Sales Tax Payablenormal balance
327.60
2. Place a check mark in the Account Title column to show that no account title needs to be written.
CASH AND CREDIT CARD SALESCASH AND CREDIT CARD SALES
5
1
34
2
3. Write the cash register tape number.
1. Write the date.
4. Place a check mark in the Post. Ref. column to show that amounts on this line are not to be posted individually.
5. Write the sales amount.
6. Write the sales tax amount.7. Write the cash amount.
6 7
Lesson 11-1, page 255Lesson 11-1, page 255
SALES INVOICESALES INVOICE
Lesson 11-1, page 256Lesson 11-1, page 256
SalesAccounts Receivable
SALES ON ACCOUNTSALES ON ACCOUNT
November 3. Sold merchandise on account to Children’s Paradise, $816.00, plus sales tax, $48.96; total, $864.96. Sales Invoice No. 76.Accounts Affected
Accounts Receivable
Sales
Sales Tax Payable
Entered
Debit side
Credit side
Credit side
Change
Increased
Increased
Increased
Lesson 11-1, page 257Lesson 11-1, page 257
Classification
Asset
Revenue
Liability
normal balance
816.00normal balance
864.96
Sales Tax Payablenormal balance
48.96
SALES ON ACCOUNTSALES ON ACCOUNT
2. Write the customer name.3. Write the sales invoice
number.
1. Write the date. 4. Write the total amount owed.
5. Write the sales amount.
6. Write the sales tax amount.
Lesson 11-1, page 257Lesson 11-1, page 257
432
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CASH RECEIPTS ON ACCOUNTCASH RECEIPTS ON ACCOUNT
5
1
3 42
3. Write the receipt number.
1. Write the date.
4. Write the credit amount.
2. Write the customer’s name.
5. Write the debit amount.
Lesson 11-1, page 258Lesson 11-1, page 258
Work Together &Work Together &On Your Own – On Your Own –
Page 259Page 259
4. Place a check mark.
CARRYING TOTALS FORWARD ON THE LEFT PAGECARRYING TOTALS FORWARD ON THE LEFT PAGE
RIGHT PAGERIGHT PAGE
3 42
3. Write Carried Forward.
1. Rule a single line.
5. Write each column total.
2. Write the date.
6. Rule double lines.
1
6
5
5
Lesson 11-2, Lesson 11-2, p. 260-261p. 260-261
STARTING A NEW EXPANDED JOURNAL LEFT PAGESTARTING A NEW EXPANDED JOURNAL LEFT PAGE
RIGHT PAGERIGHT PAGE4. Place a check mark.
3. Write Brought Forward.
5. Record column total brought forward.
2. Write the date.
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5
1. Write journal page number on the left and right pages.
1
1Lesson 11-2, Lesson 11-2,
p. 262-263p. 262-263
PROVING AND RULING OF AN EXPANDED JOURNAL PROVING AND RULING OF AN EXPANDED JOURNAL AT THE END OF THE MONTH — LEFT PAGE AT THE END OF THE MONTH — LEFT PAGE
RIGHT PAGERIGHT PAGE
32
3. Write Totals.
1. Rule a single line.
4. Write each column total.
2. Write the date.
5. Rule double lines.
1
4
4
Lesson 11-2, Lesson 11-2, p. 264-265p. 264-265
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Work Together &Work Together &On Your Own – On Your Own –
Page 266Page 266
