Journalizing Sales and Cash Receipts Using Special Journals. Friday, February 25, :53:53 AM ET
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1 Journalizing Sales and Cash Receipts Using Special Journals
2 Customer A person or business to whom merchandise or services are sold. Sales Tax A tax on a sale of merchandise or services. Businesses must file reports with the proper government unit and the amount of sales tax collected. Total Sales Total Sales Tax Collected
3 The amount of sales tax collected is a business liability until it is paid to the government. Sales Tax Payable Normal Credit Balance
4 A sale of merchandise may be On Account For Cash A sale of merchandise increases the revenue of the business. The revenue of the sale should be recorded at the time of the sale, not on the date cash is received.
5 Sales Journal A special journal used to record only sales of merchandise on account. Special amount columns: Accounts Receivable Debit, Sales Credit, and Sales Tax Payable Credit.
6 Sales Invoice A form describing the goods or services sold, the quantity, and the price. Source document for recording sales on account.
7 November 3. Sold merchandise on account to Children s Paradise, $816.00, plus sales tax, $48.96; total, $ Sales Invoice No. 76. Accounts Affected Accounts Receivable Sales Sales Tax Payable Classification Asset Revenue Liability
8 Write the date. 4. Write the total amount owed. 2. Write the customer name. 3. Write the sales invoice number. 5. Write the sales amount. 6. Write the sales tax amount.
9
10 p. 258 Audit Your Understanding p. 258 (p. 223) Work Together p. 258 (p. 224) On Your Own p. 266 (p. 227) Application Problem 11-1
11 Journalizing Cash Receipts Using a Cash Receipts Journal
12 Cash Sales A sale in which cash is received for the total amount of the sale at the time of the transaction. Credit Card Sale A sale in which a credit card is used for the total amount of the sale at the time of the transaction.
13 Cash Receipts Journal A special journal used to record only cash receipts transactions.
14 We will combine all cash and credit card sales and record the two revenue items as a single cash sales transaction. At the end of the week, a cash register tape is printed showing total cash and credit card sales. The tape is removed from the cash register and marked with a T and the date. The tape serves as the source document.
15 November 4. Recorded cash and credit card sales, $5,460.00, plus sales tax, $327.60; total, $5, Cash Register Tape No 4. Accounts Affected Cash Sales Sales Tax Payable
16 Write the date. 2. Place a check mark in the Account Title column to show that no account title needs to be written. 3. Write the cash register tape number. 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.
17 November 6. Recorded cash on account from Fiesta Costumes, $2,162.40,covering S69. Receipt No Write the date. 2. Write the customer s name. 3. Write the receipt number. 4. Write the credit amount. 5. Write the debit amount.
18
19 After the cash receipts journal is proved at the end of each month, cash is proved. Cash on Hand at the beginning of the Month + Total Cash Received during the Month Total Cash - Total Cash Paid during the Month Cash Balance on Hand at the End of the Month Compare to: Checkbook Balance on the Next Unused Check Stub
20 p. 264 Audit Your Understanding p. 264 (p. 225) Work Together p. 264 (p. 226) On Your Own p. 266 (p. 229) Application Problem 11-2 p. 267 (p 231) Mastery Problem 11-3 p. 267 (p. 233) Challenge Problem 11-4
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