1. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 10-2 Journalizing Cash Receipts Using a Cash Receipts Journal

2. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Processing Sales Transaction Cash Sale- a sale in which cash is received for the total amount of the sate at the time of the transaction Credit Card Sale- same as above but with a credit card Point-of-sale (POS) terminal- a computer used to collect, store, and report all the information of a sales transaction Terminal Summary- a report that summarizes the cash and credit card sales of a POS 2 LESSON 10-2

3. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 10-2 PROCESSING SALES TRANSACTIONS pages 276- 277 UPC (Universal Product Code) Cash Register Receipt Point-of-Sale (POS) Terminal Receipt (continued on next slide)

4. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 10-2 PROCESSING SALES TRANSACTIONS page 277 Terminal Summary Batch Report (continued from previous slide)

5. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Processing Credit Cards Batch Report- a report of credit card sales produced by a point-of-sale terminal Batching Out- the process of preparing a batch report of credit card sales from a POS terminal Can be done by your bank Usually done daily 5 LESSON 10-2

6. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning CASH RECEIPTS JOURNAL Cash Receipts Journal- special journal for cash receipts Sales Discount- a cash discount on sales taken by a customer Better to debit Sales Discount vs debiting Sales 6 LESSON 10-2 page 278

7. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 7 LESSON 10-2 CASH AND CREDIT CARD SALES 1 2 3 4 56 page 279 November 4. Recorded cash and credit card sales, $5,460.00, plus sales tax, $327.60; total, $5,787.60. Terminal Summary 34. 1.Write the date. 2.Place a check mark in the Account Title column. 3.Write the terminal summary document number. 4.Place a check mark in the Post. Ref. column. 5.Write the sales amount. 6.Write the sales tax amount. 7.Write the cash amount. 7

8. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 8 LESSON 10-2 CASH RECEIPTS ON ACCOUNT 12345 page 280 November 6. Received cash on account from Country Crafters, $2,162.40, covering S69. Receipt No. 90. 1.Write the date. 2.Write the customer’s name. 3.Write the receipt number. 4.Write the credit amount. 5.Write the debit amount.

9. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 9 LESSON 10-2 JOURNALIZING CASH RECEIPTS ON ACCOUNT WITH SALES DISCOUNTS 123456 page 282 November 7. Received cash on account from Cumberland Center, $1,176.00, covering Sales Invoice No. 74 for $1,200.00, less 2% discount, $24.00. Receipt No. 91. 4.Write the original invoice amount.1.Write the date. 2.Write the customer’s name. 3.Write the receipt number. 5.Write the amount of sales discount. 6.Write the debit to cash.

10. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 10 LESSON 10-2 TOTALING, PROVING, AND RULING A CASH RECEIPTS JOURNAL page 283

11. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 11 LESSON 10-2 TERMS REVIEW cash sale credit card sale point-of-sale (POS) terminal terminal summary batch report batching out cash receipts journal sales discount page 284