Date post: | 13-Jan-2016 |
Category: |
Documents |
Upload: | cuthbert-webb |
View: | 218 times |
Download: | 1 times |
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-2LESSON 2-2
Journalizing and Posting Cash Receipts
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
Chapter 2 ObjectivesChapter 2 ObjectivesRecording Departmental Sales and Cash Recording Departmental Sales and Cash ReceiptsReceipts
After studying Chapter 2, you will be able to:Define terms related to departmental sales and cash receipts.Identify concepts and practices related to departmental sales and cash receipts.Journalize and post departmental sales on account and sales returns and allowances.Journalize and post departmental cash receipts.
2
LESSON 2-2
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
Recording Departmental Sales and Cash Recording Departmental Sales and Cash ReceiptsReceipts
sales discount: a cash discount on sales point-of-sale (POS) terminal: a computer used to
collect, store, and report all the information of a sales transaction
terminal summary: the report that summarizes the cash and credit card sales of a point-of-sale terminal
3
LESSON 2-2
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
4
LESSON 2-2
DEPARTMENTAL CASH RECEIPTSDEPARTMENTAL CASH RECEIPTS
8.25% Sales TaxSales Amount Total Invoice Amount+ =
$1,700.00 + = $1,840.25$140.25
Discount RateInvoice Amount Sales Discount× =
$1,840.25 × = $36.812%
2% Sales DiscountTotal Invoice Amount Amount Due in 10 Days– =
$1,840.25 – = $1,803.44$36.81
Terms: 2/10, n/30Invoice paid within 10 days:
page 44
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
5
LESSON 2-2
5. Write the sales discount debit amount.
June 1. Received cash on account from Olympic Productions, $1,803.44, covering Sales Invoice No. 96 for audio equipment for $1,840.25 ($1,700.00 plus sales tax, $140.25), less 2% discount, $36.81. Receipt No. 89.
55
1. Write the date.
11
3. Record the receipt number.
33
4. Write the accounts receivable credit amount.
44
2. Write the customer name.
22
6. Write the cash debit amount.
66
JOURNALIZING A CASH RECEIPT WITH JOURNALIZING A CASH RECEIPT WITH A SALES DISCOUNTA SALES DISCOUNT page 45
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
6
LESSON 2-2
June 8. Received cash on account from Kim Electronics, $159.12, covering Sales Invoice No. 101 for $303.10 ($280.00 plus sales tax, $23.10), less Credit Memorandum No. 43 for $140.73 ($130.00 plus sales tax, $10.73), less 2% discount, $3.25. Receipt No. 92.
5. Write the sales discount debit amount.1. Write date.
3. Record receipt number.
4. Write the account receivable credit amount.2. Write the customer name.
6. Write the cash debit amount.
JOURNALIZING A CASH RECEIPT WITH A JOURNALIZING A CASH RECEIPT WITH A SALES RETURN AND A SALES DISCOUNTSALES RETURN AND A SALES DISCOUNT page 46
5511 33 4422 66
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
7
LESSON 2-2
1. Date
3. Cash register tape number 4. Check mark in Post. Ref. column
2. Check mark in Account Title column
7. Cash debit amount
June 11. Recorded cash and credit card sales, audio equipment, $4,370.00; video equipment, $6,280.00; plus sales tax, $878.63; total $11,528.63. Terminal Summary No. 53.
5. Sales tax payable credit amount6. Sales credit amounts
JOURNALIZING CASH ANDJOURNALIZING CASH ANDCREDIT CARD SALESCREDIT CARD SALES page 47
5511
334422 66 77
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
8
LESSON 2-2
2. Column totals are posted to the account named in the column heading.
1. Individual amounts are posted to the accounts receivable ledger.
POSTING FROM A CASH RECEIPTS POSTING FROM A CASH RECEIPTS JOURNALJOURNAL page 48
11 22
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
9
LESSON 2-2
ORDER OF POSTING FROM JOURNALSORDER OF POSTING FROM JOURNALS
Sales journal Purchases journal General journal Cash receipts journal Cash payments journal
page 49
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
10
LESSON 2-2
DEFINE TERMS REVIEWDEFINE TERMS REVIEWIn QuizletIn Quizlet
sales discount point-of-sale (POS) terminal terminal summary
page 50
Edit this set: Chapter 2 AdvAcc (then SAVE)
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
Exit Ticket for today:Exit Ticket for today:Audit Your Understanding 2-2Audit Your Understanding 2-2
1. What does 2/10, n/30 mean?
2. Why are credit card sales and cash sales recorded together in the sales journal?
11
LESSON 2-2
In a Word Document, SaveAS: Chapter2-2AYUYourNameAnd drop in my Inbox today!