CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 10-1 Journalizing Sales on Account Using a Sales Journal  Sales tax  Sales of merchandise on account  Sales journal  Sales invoice  Sale on account  Totaling, proving, and ruling a sales journal

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Competency: Understanding the Accounting Cycle for a Merchandising Business 2 LESSON 10-1 Objectives: 58 Record sales transactions for a merchandising business 59 Identify special journals and their uses 60 Journalize taxable and non-taxable sales transactions 63 Prepare customer invoices for a merchandising business 64 Receive vendor invoices for a merchandising business 71 Summarize the progression from source documents to journals to ledgers to financial reports for a merchandising business 72 Describe record/organization and retention-schedule procedure for a merchandising business

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 10-1 SALES TAX page 270

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 10-1 SALES OF MERCHANDISE ON ACCOUNT page 271

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 10-1 SALES JOURNAL page 272

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 10-1 SALES INVOICE page 272

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 7 LESSON 10-1 SALE ON ACCOUNT page 273 November 3. Sold merchandise on account to Village Crafts, $540.00, plus sales tax, $32.40; total, $ Sales Invoice No Write the date. 6. Write the sales tax amount. 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.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 8 LESSON 10-1 TOTALING, PROVING, AND RULING A SALES JOURNAL page 274

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 9 LESSON 10-1 TERMS REVIEW customer sales tax sales journal page 275