Chapter 10: Journalizing Sales and Cash Receipts Using Special Journals

The Sales Journal SALES JOURNAL PAGE ? DATEACCOUNT DEBITED SALE NO. POST. REF. ACCOUNTS RECEIVABLE DEBIT SALES CREDIT SALES TAX PAYABLE CREDIT Nov3Village Crafts For sales on account Source document: Sales Invoice Total Sales Invoice amount = Sales + Sales Tax Page 273 November 3. Sold merchandise on account to Village Crafts, $540.00, plus sales tax, $32.40; total, $ Sales Invoice No 76.

PRACTICE: 10-1 WT - Txtbk p. 274, WP p OYO – Txtbk p. 274, WP p. 226

The Cash Receipts Journal: Cash and Credit Card Sales CASH RECEIPTS JOURNAL PAGE 16 DATEACCOUNT TITLE DOC. NO. POST REF. GENERAL ACCTS RECVBLE CREDIT SALES CREDIT SALES TAX PAYABLE CREDIT SALES DISC’T DEBIT CASH DEBIT DEBITCREDIT Nov4√TS For cash and credit card sales Source document: Terminal Summary (TS) Total Cash = Sales + Sales Tax Payable Page 279 November 4. Recorded cash and credit card sales, $ , plus sales tax, $327.60; total, $ Terminal Summary 34.

PRACTICE: 10-2 WT - Txtbk p. 284, WP p. 227 Oct. 13 th transaction 10-2 OYO – Txtbk p. 284, WP p. 228 Nov. 13 th transaction

The Cash Receipts Journal: Cash Receipts on Account CASH RECEIPTS JOURNAL PAGE 16 DATEACCOUNT TITLE DOC. NO. POST REF. GENERAL ACCTS RECVBLE CREDIT SALES CREDIT SALES TAX PAYABLE CREDIT SALES DISC’T DEBIT CASH DEBIT DEBITCREDIT Nov6Country CraftersR For cash received to pay an accounts receivable The sale has already been recorded on the Sales Journal Source document: Receipt (R) Total Cash = Sales + Sales Tax Payable Page 280 November 6. Received cash on account from Country Crafters, $ , covering S69. Receipt No. 90

PRACTICE: 10-2 WT - Txtbk p. 284, WP p. 227 Oct. 4 th transaction 10-2 OYO – Txtbk p. 284, WP p. 228 Nov. 2nd transaction

The Cash Receipts Journal: Cash Receipts on Account with Sales Disc’t CASH RECEIPTS JOURNAL PAGE 16 DATEACCOUNT TITLE DOC. NO. POST REF. GENERAL ACCTS RECVBLE CREDIT SALES CREDIT SALES TAX PAYABLE CREDIT SALES DISC’T DEBIT CASH DEBIT DEBITCREDIT Nov7Cumberland CenterR For cash received to pay an accounts receivable The sale has already been recorded on the Sales Journal A discount has been given to encourage payment Source document: Receipt (R) Total Cash = Accounts Receivable – Sales Disct 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, $ Receipt No. 91.

PRACTICE: 10-2 WT - Txtbk p. 284, WP p. 227 Oct. 30 th transaction 10-2 OYO – Txtbk p. 284, WP p. 228 Nov. 27 th transaction

10-3 General Journal: Sales Returns & Allowances p. 286 GENERAL JOURNALPage4 DATEACCT. TITLE DOC. NO. POST. REF.DEBITCREDIT Mar 11Sales Returns and AllowancesCM Sales Tax Payable Accounts Receivable/Village Crafts62.01 When a customer returns something or receives something damaged Source document: Credit Memorandum The Sales transaction has already been recorded on the Sales Journal *Remember: A General Journal requires a debit and a credit entry March 11. Granted credit to Village Crafts for merchandise returned, $58.50, plus sales tax, $3.51, from S150; total, $62.01, Credit Memorandum # 41

PRACTICE: 10-3 WT - Txtbk p. 287, WP p OYO – Txtbk p. 287, WP p. 230