Chapter 10 Sales and Cash Receipts journal

Terms you need to know Customer – a person or business to who merchandise or services are sold. Customer – a person or business to who merchandise or services are sold. Sales Tax – a tax on a sale of merchandise or services. Sales Tax – a tax on a sale of merchandise or services.

Sales journal Sales Journal Date Account Debited Sales No Post Ref Account Rec. Debit Sales Credit Sales Tax Payable Credit

Nov 3. Sold merchandise on account to Children’s Paradise, $ plus sales tax, $48.96; total, $ Sales Invoice No. 76 Sales Journal DateAccount Debited Sales No Post Ref Account Rec. Debit Sales Credit Sales Tax Payable Credit 3-NovChildrens Paradise

Aplia “ On your own” 10-1

Cash Receipts Journal

Terms you need to know If you have your textbook look at page 277 Cash Sale Cash Sale –A sale in which cash is received for the total amount of the sale. Credit Card Sale Credit Card Sale –A Sale in which cash is received for the total amount of the sale.

Cash Receipt journal Cash Receipt Journal Date Account Title Doc No. Post Ref General Acct Rec Credit Sales Credit Sales Tax Payable Credit Cash Debit Credit

November 4 Recorded Cash and Credit card sale, $5, plus sales tax, $ total $ Cash Tape No 4 Cash Receipt Journal Date Account Title Doc No. Post Ref General Acct Rec Credit Sales Credit Sales Tax Payable Credit Cash Debit Credit 4-Nov T

Nov. 6 Received Cash on account from Fiesta Costumes $ , covering s 69 Receipt No. 90 Cash Receipt Journal DateAccount Title Doc No. Post Ref General Acct Rec Credit Sales Credit Sales Tax Payabe Credit Cash Debit Credit 4-Nov T Nov Fiesta CostumesR

When we give a discount to our customer. Sales Discount- terms of contract 2/10 N30 2% discount if paid within 10 days of sale or balance is paid in 30 Cash Receipt Journal DateAccount Title Doc No. Post Ref General Acct Rec Credit Sales Credit Sales Tax Payable Credit Sales Discou nt Debit Cash Debit Credit 4-Nov T Nov Fiesta CostumesR Nov Cumberland Center R November 7. Received cash on account from Cumberland Center, $1,176.00, covering Sale Invoice No. 74 for $1,200, less 2% discount, $ Receipt No. 91

Aplia 10-2 “On your own”

Recording Transactions Using a General Journal Sales Return and Allowance – When we sell something and have it returned. Sales Return and Allowance – When we sell something and have it returned. We have to return the money owed for the item plus the taxes that went with it…. We have to return the money owed for the item plus the taxes that went with it….

March 11, Granted Credit to Village Crafts for merchandise returned, $58.50, plus sales tax, $3.51, from S160; total, $ Credit Memorandum No. 41 General Journal Date Account Title Doc. No Post Ref.DebitCredit Nov 6 Supplies – StoreM Accts Pay/Gulf Craft Supply March 11Sales Return and Allowance CM Sales Tax Payable 3.51 Accounts Receivable/Village Crafts 62.01

Problems 11-1,2,3,4 Problems 11-1,2,3,4 Computer Problem 11-3 Computer Problem 11-3