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Chapter 5 Sales and Sales Journal 销售和销售日记帐
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Comparing Merchandising Activities with Service-type Activities Merchandising Company Purchase inventory in ready-to-sell condition. Service-type Business Earn most of revenue from rendering service to customer
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Comparing Merchandising Activities with Manufacturing Activities Merchandising Company Purchase inventory in ready-to-sell condition. Manufacturing Company Manufacture inventory and have a longer and more complex operating cycle
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Merchandize Inventory Sales tax payable AssetO’ELiabilityRevenueExpense = +-+ + - Purchases Sales + ++ - - - Purchases R&A + - Sales R&A + - Some New Accounts
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Special Journals The journals where specialized types of transactions are recorded. e.g. Sales Journal ----- sales on credit example on page 114
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Sales Tax Sales tax : Value added tax: A charge on taxable supplies of goods and services by a taxable person in the course or furtherance of a business. Excise tax: a tax charged on the production or sales of certain items such as petroleum, alcoholic drinks and tobacco.
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Special Journal Sales Journal ----- sales on credit Purchases Journal ----- purchase on credit Cash receipts Journal -------all cash receipts Cash payments Journal---all cash payments General journal
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General Ledger Accounts Although general ledger accounts provide useful information, they do not provide much of the detailed information needed in the daily business operations. Who owes us money?
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Subsidiary Ledgers 明细分类账 : A Source of Needed Details Controlling Account 统制 ( 总分类 ) 账户
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Double postings Sales Journal June31 June 1 June 15
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Subsidiary Ledgers Accounts receivable (subsidiary)ledger 应收账款明 细账 -- A list of all the charge customers and their respective balance Accounts payable (subsidiary)ledger 应付账款明细账 -- A list of all suppliers and their respective balance Inventory subsidiary ledger 存货明细账 -- Separate account for each type of product in the company’s inventory
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Sales Returns and Allowances 销售退回折让 Customer can request for returns or allowance when the goods sold out are unsatisfactory Credit memorandum 贷项通知书 Contra-sales account
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Merchandize Inventory Sales tax payable AssetO’ELiabilityRevenueExpense = +-+ + - Purchases Sales + ++ - - - Purchases R&A - + Sales R&A + - Sales Returns and Allowances
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On August 2, Kid’s Clothes sold $2,000 of merchandise to Play Clothes on credit. Kid’s Clothes must make the following entries.
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Sales Returns and Allowances On August 5, Play Clothes returned $500 of unsatisfactory merchandise to Kid’s Clothes from the August 2 sale. Kid’s Clothes must make the following entries. Contra-revenue
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Sales Accounts Receivable 8/2 2,000 8/5 500 Bal. 2,000 Bal. 1,500 Sales Returns and Allowances After we post these entries, the accounts involved look like this
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End of Chapter 5
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