LESSON 10-1 Journalizing Sales on Account Using a Sales Journal 4/21/2017 LESSON 10-1 Journalizing Sales on Account Using a Sales Journal

LESSON 10-1 4/21/2017 SALES TAX page 270 LESSON 10-1

SALES OF MERCHANDISE ON ACCOUNT LESSON 10-1 4/21/2017 SALES OF MERCHANDISE ON ACCOUNT page 271 LESSON 10-1

LESSON 10-1 4/21/2017 SALES JOURNAL page 272 LESSON 10-1

LESSON 10-1 4/21/2017 SALES INVOICE page 272 LESSON 10-1

LESSON 10-1 4/21/2017 SALE ON ACCOUNT page 273 November 3. Sold merchandise on account to Village Crafts, $540.00, plus sales tax, $32.40; total, $572.40. Sales Invoice No. 76. 1 2 3 4 5 6 1. Write the date. 2. Write the customer name. 3. Write the sales invoice number. 4. Write the total amount owed by the customer. 5. Write the sales amount. 6. Write the sales tax amount. LESSON 10-1

TOTALING, PROVING, AND RULING A SALES JOURNAL LESSON 10-1 4/21/2017 TOTALING, PROVING, AND RULING A SALES JOURNAL page 274 LESSON 10-1

TERMS REVIEW customer sales tax sales journal page 275 LESSON 10-1 4/21/2017 TERMS REVIEW page 275 customer sales tax sales journal LESSON 10-1

LESSON 10-1 Journalizing Cash Receipts Using a Cash Receipts Journal 4/21/2017 LESSON 10-2 Journalizing Cash Receipts Using a Cash Receipts Journal

PROCESSING SALES TRANSACTIONS LESSON 10-2 4/21/2017 PROCESSING SALES TRANSACTIONS pages 276- 277 UPC (Universal Product Code) Cash Register Receipt Point-of-Sale (POS) Terminal Receipt (continued on next slide) LESSON 10-2 Blue

PROCESSING SALES TRANSACTIONS LESSON 10-1 4/21/2017 PROCESSING SALES TRANSACTIONS page 277 Terminal Summary Batch Report (continued from previous slide) LESSON 10-2

LESSON 10-1 4/21/2017 CASH RECEIPTS JOURNAL page 278 LESSON 10-2

CASH AND CREDIT CARD SALES LESSON 10-1 4/21/2017 CASH AND CREDIT CARD SALES 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. 2 4 1 3 5 6 7 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. LESSON 10-2

CASH RECEIPTS ON ACCOUNT LESSON 10-1 4/21/2017 CASH RECEIPTS ON ACCOUNT page 280 November 6. Received cash on account from Country Crafters, $2,162.40, covering S69. Receipt No. 90. 1 2 3 4 5 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. LESSON 10-2

JOURNALIZING CASH RECEIPTS ON ACCOUNT WITH SALES DISCOUNTS LESSON 10-1 4/21/2017 JOURNALIZING CASH RECEIPTS ON ACCOUNT WITH SALES DISCOUNTS 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. 1 2 3 4 5 6 1. Write the date. 4. Write the original invoice amount. 2. Write the customer’s name. 5. Write the amount of sales discount. 3. Write the receipt number. 6. Write the debit to cash. LESSON 10-2

TOTALING, PROVING, AND RULING A CASH RECEIPTS JOURNAL LESSON 10-1 4/21/2017 TOTALING, PROVING, AND RULING A CASH RECEIPTS JOURNAL page 283 Proving Cash: LESSON 10-2

LESSON 10-1 4/21/2017 LET’S REVIEW page 284 What transactions are recording in the cash receipts journal? What is a POS system and why is it preferable to a regular cash register? What information can be gained from the terminal summary? What is meant by “batching out”? Explain a sales discount? Explain the accounting concept LESSON 10-2

Recording Transactions Using a General Journal LESSON 10-3 4/21/2017 LESSON 10-3 Recording Transactions Using a General Journal Sales Related Transactions Sales Returns Sales Allowances Credit Memorandums – Source Document for a return or an allowance

CREDIT MEMORANDUM FOR SALES RETURNS AND ALLOWANCES LESSON 10-1 4/21/2017 CREDIT MEMORANDUM FOR SALES RETURNS AND ALLOWANCES page 285 LESSON 10-3

JOURNALIZING SALES RETURNS AND ALLOWANCES LESSON 10-1 4/21/2017 JOURNALIZING SALES RETURNS AND ALLOWANCES page 286 March 11. Granted credit to Village Crafts for merchandise returned, $58.50, plus sales tax, $3.51, from S160; total, $62.01. Credit Memorandum No. 41. 2 4 1 3 5 6 9 8 7 1. Write the date. 6. Write the sales tax amount. 2. Write Sales Returns and Allowances. 7. Write the accounts to be credited. 3. Write CM and the credit memorandum number. 8. Draw a diagonal line in the Post. Ref. column. 4. Write the amount of the sales return. 9. Write the total accounts receivable amount. 5. Write Sales Tax Payable. LESSON 10-3

LESSON 10-1 4/21/2017 ITEMS FOR REVIEW: page 287 What is the difference between a sales return and sales allowance? What is the source document for a sales return and allowance? What general ledger accounts are affected, and how, by a sales returns and allowances transaction? Why are sales returns and allowances not debited to the sales account? LESSON 10-3