1. LESSON 2-2 Journalizing and Posting Cash Receipts
4/21/2017
LESSON 2-2
Journalizing and Posting Cash Receipts
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2. DEPARTMENTAL CASH RECEIPTS
LESSON 2-2
4/21/2017
DEPARTMENTAL CASH RECEIPTS
page 44
8.25% Sales Tax
Sales Amount
Total Invoice Amount + =
$1,700.00 + =
$1,840.25
$140.25
Terms: 2/10, n/30
Invoice paid within 10 days:
Discount Rate
Invoice Amount
Sales Discount × =
$1,840.25 × =
$36.81 2%
2% Sales Discount
Total Invoice Amount
Amount Due in 10 Days – =
$1,840.25 – =
$1,803.44
$36.81
LESSON 2-2
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3. JOURNALIZING A CASH RECEIPT WITH A SALES DISCOUNT
LESSON 2-2
4/21/2017
JOURNALIZING A CASH RECEIPT WITH A SALES DISCOUNT
page 45
June 1. Received cash on account from Olympic Productions, $1,803.44, covering Sales Invoice No. 96 for audio equipment for $1, ($1, plus sales tax, $140.25), less 2% discount, $ Receipt No. 89. 1 2 3 4 5 6
1. Write the date.
5. Write the sales discount debit amount.
2. Write the customer name.
6. Write the cash debit amount.
3. Record the receipt number.
4. Write the accounts receivable credit amount.
LESSON 2-2
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4. JOURNALIZING A CASH RECEIPT WITH A SALES RETURN AND A SALES DISCOUNT
LESSON 2-2
4/21/2017
JOURNALIZING A CASH RECEIPT WITH A SALES RETURN AND A SALES DISCOUNT
page 46
June 8. Received cash on account from Kim Electronics, $159.12, covering Sales Invoice No. 101 for $ ($ plus sales tax, $23.10), less Credit Memorandum No. 43 for $ ($ plus sales tax, $10.73), less 2% discount, $3.25. Receipt No. 92. 1 2 3 4 5 6
1. Write date.
4. Write the account receivable credit amount.
2. Write the customer name.
5. Write the sales discount debit amount.
3. Record receipt number.
6. Write the cash debit amount.
LESSON 2-2
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5. JOURNALIZING CASH AND CREDIT CARD SALES
LESSON 2-2
4/21/2017
JOURNALIZING CASH AND CREDIT CARD SALES
page 47
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, Terminal Summary No. 53. 1 4 2 3 5 6 7
1. Date
2. Check mark in Account Title column
5. Sales tax payable credit amount
3. Cash register tape number
6. Sales credit amounts
4. Check mark in Post. Ref. column
7. Cash debit amount
LESSON 2-2
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6. POSTING FROM A CASH RECEIPTS JOURNAL
LESSON 2-2
4/21/2017
POSTING FROM A CASH RECEIPTS JOURNAL
page 48 1 2
1. Individual amounts are posted to the accounts receivable ledger.
2. Column totals are posted to the account named in the column heading.
LESSON 2-2
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7. ORDER OF POSTING FROM JOURNALS
LESSON 2-2
4/21/2017
ORDER OF POSTING FROM JOURNALS
page 49
Sales journal
Purchases journal
General journal
Cash receipts journal
Cash payments journal
Reason: to avoid negative balances!!
MEMORIZE THIS!!!!
LESSON 2-2
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