CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 2-2 Journalizing and Posting Cash Receipts.

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Presentation transcript:

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 2-2 Journalizing and Posting Cash Receipts

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Chapter 2 Objectives Recording Departmental Sales and Cash Receipts After studying Chapter 2, you will be able to: Define terms related to departmental sales and cash receipts. Identify concepts and practices related to departmental sales and cash receipts. Journalize and post departmental sales on account and sales returns and allowances. Journalize and post departmental cash receipts. 2 LESSON 2-2

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Recording Departmental Sales and Cash Receipts sales discount: a cash discount on sales point-of-sale (POS) terminal: a computer used to collect, store, and report all the information of a sales transaction terminal summary: the report that summarizes the cash and credit card sales of a point-of-sale terminal 3 LESSON 2-2

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 2-2 DEPARTMENTAL CASH RECEIPTS 8.25% Sales TaxSales AmountTotal Invoice Amount+ = $1, = $1,840.25$ Discount RateInvoice AmountSales Discount× = $1, × = $36.812% 2% Sales DiscountTotal Invoice AmountAmount Due in 10 Days– = $1, – = $1,803.44$36.81 Terms: 2/10, n/30 Invoice paid within 10 days: page 44

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 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.Record the receipt number. 3 4.Write the accounts receivable credit amount. 4 2.Write the customer name. 2 6.Write the cash debit amount. 6 JOURNALIZING A CASH RECEIPT WITH A SALES DISCOUNT page 45

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 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 Write the sales discount debit amount. 1.Write date. 3.Record receipt number. 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 © 2009 South-Western, Cengage Learning 7 LESSON Date 3.Cash register tape number 4.Check mark in Post. Ref. column 2.Check mark in Account Title column 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 Sales tax payable credit amount 6.Sales credit amounts JOURNALIZING CASH AND CREDIT CARD SALES page

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 8 LESSON Column totals are posted to the account named in the column heading. 1.Individual amounts are posted to the accounts receivable ledger. POSTING FROM A CASH RECEIPTS JOURNAL page

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 9 LESSON 2-2 ORDER OF POSTING FROM JOURNALS Sales journal Purchases journal General journal Cash receipts journal Cash payments journal page 49

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 10 LESSON 2-2 DEFINE TERMS REVIEW In Quizlet sales discount point-of-sale (POS) terminal terminal summary page 50 Edit this set: Chapter 2 AdvAcc (then SAVE)

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Exit Ticket for today: Audit Your Understanding What does 2/10, n/30 mean? 2.Why are credit card sales and cash sales recorded together in the sales journal? 11 LESSON 2-2 In a Word Document, SaveAS: Chapter2-2AYUYourName And drop in my Inbox today!