CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 2-2 Name: _________ Period: Journalizing and Posting Cash Receipts.

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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 2-2 Name: _______________ Period: ______ Journalizing and Posting Cash Receipts

CENTURY 21 ACCOUNTING © Thomson/South-Western 2 LESSON 2-2 DEPARTMENTAL CASH RECEIPTS 8.25% Sales TaxSales AmountTotal Invoice Amount+ = $___________ + = $____________$__________ Discount RateInvoice AmountSales Discount× = $__________ × = $_________2% 2% Sales DiscountTotal Invoice AmountAmount Due in 10 Days– = $___________ – = $_______ Terms: 2/10, n/30 Invoice paid within 10 days: page 44

CENTURY 21 ACCOUNTING © Thomson/South-Western 3 LESSON 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, ($1, plus sales tax, $140.25), less 2% discount, $ Receipt No Write the date. 1 3._____________________ 3 4.Write the accounts receivable credit amount. 4 2.Write the customer name. 2 6._______________________. 6 JOURNALIZING A CASH RECEIPT WITH A SALES DISCOUNT page 45

CENTURY 21 ACCOUNTING © Thomson/South-Western 4 LESSON 2-2 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 _____________________________________ 1.Write date. 3.______________________ 4.Write the account receivable credit amount. 2.Write the customer name. 6.Write the cash debit amount. JOURNALIZING A CASH RECEIPT WITH A SALES RETURN AND A SALES DISCOUNT page

CENTURY 21 ACCOUNTING © Thomson/South-Western 5 LESSON Date 3.Cash register tape number 4.Check mark in Post. Ref. column 2.______________________________ 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, Terminal Summary No _____________________________ 6.Sales credit amounts JOURNALIZING CASH AND CREDIT CARD SALES page

CENTURY 21 ACCOUNTING © Thomson/South-Western 6 LESSON Column totals are posted __________________________________________ 1.Individual amounts are posted to ___________________________________ POSTING FROM A CASH RECEIPTS JOURNAL page

CENTURY 21 ACCOUNTING © Thomson/South-Western 7 LESSON 2-2 ORDER OF POSTING FROM JOURNALS __________________ Purchases journal _____________________ Cash receipts journal ______________________ Reason: to avoid negative account balances!!! MEMORIZE THIS!!! page 49