RECEIVED CASH FROM SALES

Slides:

Advertisements

Similar presentations

© 2000 South-Western Educational Publishing RECEIVED CASH FROM SALES Lesson 4-3, page 76 August 12. Received cash from sales, $ Tape No Which.

Advertisements

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-3 Journalizing Transactions That Affect Owner’s Equity and Receiving Cash on Account.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 Journals, Source Documents, and Recording Entries in a Journal.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-2 Journalizing Buying Insurance, Buying on Account, and Paying on Account.

Chapter 4 - Journalizing Transactions

© 2000 South-Western Educational Publishing THE ACCOUNTING EQUATION Lesson 1-1, page 7.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 2-1 Focus questions: What is a debit, credit, and T Account? How do these terms relate.

CHAPTER 3: Analyzing Transactions into Debit and Credit Parts

Accounting I/II Chapter 2, Section 3.  What accounts are affected?  How is each account classified?  How is each classification changed?  How is each.

Review: What is the left side of the Accounting Equation called? Assets What is the right side of the Accounting Equation called? Equities: Liabilities.

© 2000 South-Western Educational Publishing ESTABLISHING A PETTY CASH FUND August 17. Paid cash to establish a petty cash fund, $ Check No Which.

© South-Western Educational Publishing RECEIVED CASH FROM SALES Lesson 3-3, page 51 August 12. Received cash from sales, $ Cash.

T ERMS REVIEW journal journalizing entry general journal double-entry accounting source document Lesson 4-1, page 71 check invoice sales invoice receipt.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-3 Journalizing Transactions That Affect Owner’s Equity and Receiving Cash on Account.

LESSON 2-1 Using T Accounts

© 2000 South-Western Educational Publishing PAID CASH FOR INSURANCE Lesson 4-2, page 72 August 4. Paid cash for insurance, $1, Check No Which.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 2-1 Using T Accounts.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Chapter 2 Objectives: Define accounting terms related to analyzing transactions into debit.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 2-3 Analyzing How Transactions Affect Owner’s Equity Accounts Analyze transactions.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 Journals, Source Documents, and Recording Entries in a Journal Slides are on the.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 2-3 Analyzing How Transactions Affect Owner’s Equity Accounts.

CENTURY 21 ACCOUNTING © Thomson/South-Western 1 LESSON 2-1 ANALYZING THE ACCOUNTING EQUATION - Using T Accounts page 28.

CHAPTER 2 Analyzing Transactions into Debit and Credit Parts.

© South-Western Educational Publishing ESTABLISHING A PETTY CASH FUND August 17. Paid cash to establish a petty cash fund, $ Check No Which.

Chapter 3 – Analyzing Transactions into Debit and Credit Parts

GAAP – Generally Accepted Accounting Principles (10) FASB – Financial Accounting Standards Board n GAAP: –Objective Evidence: a source document (piece.

© South-Western Educational Publishing CASH RECEIPTS JOURNAL Lesson 11-2, page 259.

© 2000 South-Western Educational Publishing A FIVE-COLUMN JOURNAL Using a Journal To help save time and become more efficient, businesses use a Special.

LESSON 2-3 Analyzing How Transactions Affect Owner’s Equity Accounts

Using T Accounts / Analyzing the Accounting Equation

LESSON 2-1 Using T Accounts

LESSON 3-3 5/21/2018 LESSON 3-3 Journalizing Transactions That Affect Owner’s Equity and Receiving Cash on Account Blue.

LESSON 3-3 5/21/2018 LESSON 3-3 Journalizing Transactions That Affect Owner’s Equity and Receiving Cash on Account Blue.

The 4 Questions You Must Ask When Analyzing a Transaction…

Journal Entry of the DAY!!!!

Chapter 3 - Analyzing Transactions into Debit & Credit Parts

Chapter 2 Changes that affect Owner’s Equity

Encore Music Uses five source documents

Journals, Source Documents, and Recording Entries in a Journal

Journals, Source Documents, and Recording Entries in a Journal

CASH AND CREDIT CARD SALES

RECORDING THE BUYING OF A PLANT ASSET

How Transactions Change Owner’s Equity in an Accounting Equation

How Transactions Change Owner’s Equity in an Accounting Equation

JOURNALIZING CASH AND CREDIT CARD SALES

Chapter 3 Analyzing Transactions into Debit and Credit Parts

Transaction 6 August 12. Received cash from sales, $

LESSON 2-1 Using T Accounts

LESSON 2-1 Using T Accounts

Journals, Source Documents, and Recording Entries in a Journal

LESSON 3-3 2/24/2019 LESSON 3-3 Journalizing Transactions That Affect Owner’s Equity and Receiving Cash on Account Green.

Analyzing Transactions into Debit and Credit Parts

LESSON 2-1 Using T Accounts

Journalizing Transactions

Analyzing Transactions into Debit and Credit Parts

LESSON 2-1 Using T Accounts

Journals, Source Documents, and Recording Entries in a Journal

SIGNING A NOTE PAYABLE  

LESSON 2-1 Using T Accounts

LESSON 2-3 Analyzing How Transactions Affect Owner’s Equity Accounts

LESSON 2-3 Analyzing How Transactions Affect Owner’s Equity Accounts

How Transactions Change Owner’s Equity in an Accounting Equation

JOURNALIZING CASH PAYMENTS FOR EXPENSES

LESSON 2-1 Using T Accounts

LESSON 2-3 Analyzing How Transactions Affect Owner’s Equity Accounts

LESSON 3-3 7/23/2019 LESSON 3-3 Journalizing Transactions That Affect Owner’s Equity and Receiving Cash on Account Blue.

How Transactions Change Owner’s Equity in an Accounting Equation

RECEIVED CASH FROM SALES

PAID CASH FOR INSURANCE

Transaction 6 August 12. Received cash from sales, $

Presentation transcript:

RECEIVED CASH FROM SALES August 12. Received cash from sales, $325.00. Tape No. 12. Sales Cash 1. Which accounts are affected? Cash Sales Debit Normal Balance 325.00 2. How is each account classified? Cash is as asset account. Sales is as revenue account.  3. How is each classification changed? Assets are increased. Revenues are increased. Credit Normal Balance 325.00  4. How is each amount entered in the accounts? Assets increase on the debit side. Revenues increase on the credit side. Lesson 4-3, page 76

RECEIVED CASH FROM SALES (continued) August 12. Received cash from sales, $325.00. Tape No. 12. 3 1 4 2 1. Write the date. 2. Debit Cash. 3. Credit Sales. 4. Write the source document number. Lesson 4-3, page 76

SOLD SERVICES ON ACCOUNT August 12. Sold services on account to Kids Time, $200.00. Sales Invoice No. 1. Sales Accounts Rec.—Kids Time 1. Which accounts are affected? Accounts Receivable—Kids Time Sales Debit Normal Balance 200.00  2. How is each account classified? Accounts Receivable—Kids Time is an asset account. Sales is as revenue account. 3. How is each classification changed? Assets are increased. Revenues are increased. Credit Normal Balance 200.00  4. How is each amount entered in the accounts? Assets increase on the debit side. Revenues increase on the credit side. Lesson 4-3, page 77

SOLD SERVICES ON ACCOUNT (continued) August 12. Sold services on account to Kids Time, $200.00. Sales Invoice No. 1. 2 1 4 3 1. Write the date. 2. Debit Cash. 3. Credit Sales. 4. Write the source document number. Lesson 4-3, page 77

PAID CASH FOR AN EXPENSE August 12. Paid cash for rent, $250.00. Check No. 4. Cash Rent Expense 1. Which accounts are affected? Rent Expense Cash Debit Normal Balance 250.00 2. How is each account classified? Rent Expense is an expense account. Cash is an asset account.  3. How is each classification changed? Expenses are increased. Assets are decreased. Debit Normal Balance 250.00  4. How is each amount entered in the accounts? Expenses increase on the debit side. Assets decrease on the credit side. Lesson 4-3, page 78

PAID CASH FOR AN EXPENSE (continued) August 12. Paid cash for rent, $250.00. Check No. 4. 2 3 1 4 1. Write the date. 2. Debit Rent Expense. 3. Credit Cash. 4. Write the source document number. Lesson 4-3, page 78

RECEIVED CASH ON ACCOUNT August 12. Received cash on account from Kids Time, $100.00. Receipt No. 2. Accounts Rec.—Kids Time Cash 1. Which accounts are affected? Cash Accounts Receivable—Kids Time Debit Normal Balance 100.00 2. How is each account classified? Cash is an asset account. Accounts Rec.—Kids Time is an asset account.  3. How is each classification changed? Assets are increased. Assets are decreased. Debit Normal Balance 100.00  4. How is each amount entered in the accounts? Assets increase on the debit side. Assets decrease on the credit side. Lesson 4-3, page 79

RECEIVED CASH ON ACCOUNT (continued) August 12. Received cash on account from Kids Time, $100.00. Receipt No. 2. 3 1 4 2 1. Write the date. 2. Debit Cash. 3. Credit Sales. 4. Write the source document number. Lesson 4-3, page 79

PAID CASH TO OWNER FOR PERSONAL USE August 12. Paid cash to owner for personal use, $100.00. Check No. 6. Cash Barbara Treviño, Drawing 1. Which accounts are affected? Barbara Treviño, Drawing Cash Debit Normal Balance 100.00 2. How is each account classified? Barbara Treviño, Drawing is an owner’s equity account. Cash is an asset account.  Debit Normal Balance 3. How is each classification changed? Withdrawals are increased. (This results in a decrease in owner’s equity.) Assets are decreased. 100.00  4. How is each amount entered in the accounts? Owner’s equity accounts decrease on the debit side. Assets decrease on the credit side. Lesson 4-3, page 80

PAID CASH TO OWNER FOR PERSONAL USE August 12. Paid cash to owner for personal use, $100.00. Check No. 6. 2 1 4 3 1. Write the date. 2. Debit Barbara Treviño, Drawing. 3. Credit Cash. 4. Write the source document number. Lesson 4-3, page 80