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RECEIVED CASH FROM SALES

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Presentation on theme: "RECEIVED CASH FROM SALES"— Presentation transcript:

1 RECEIVED CASH FROM SALES
August 12. Received cash from sales, $ Tape No. 12. Sales Cash 1. Which accounts are affected? Cash Sales Debit Normal Balance 325.00 2. How is each account classified? Cash is as asset account. Sales is as revenue account. 3. How is each classification changed? Assets are increased. Revenues are increased. Credit Normal Balance 325.00 4. How is each amount entered in the accounts? Assets increase on the debit side. Revenues increase on the credit side. Lesson 4-3, page 76

2 RECEIVED CASH FROM SALES (continued)
August 12. Received cash from sales, $ Tape No. 12. 3 1 4 2 1. Write the date. 2. Debit Cash. 3. Credit Sales. 4. Write the source document number. Lesson 4-3, page 76

3 SOLD SERVICES ON ACCOUNT
August 12. Sold services on account to Kids Time, $ Sales Invoice No. 1. Sales Accounts Rec.—Kids Time 1. Which accounts are affected? Accounts Receivable—Kids Time Sales Debit Normal Balance 200.00 2. How is each account classified? Accounts Receivable—Kids Time is an asset account. Sales is as revenue account. 3. How is each classification changed? Assets are increased. Revenues are increased. Credit Normal Balance 200.00 4. How is each amount entered in the accounts? Assets increase on the debit side. Revenues increase on the credit side. Lesson 4-3, page 77

4 SOLD SERVICES ON ACCOUNT (continued)
August 12. Sold services on account to Kids Time, $ Sales Invoice No. 1. 2 1 4 3 1. Write the date. 2. Debit Cash. 3. Credit Sales. 4. Write the source document number. Lesson 4-3, page 77

5 PAID CASH FOR AN EXPENSE
August 12. Paid cash for rent, $ Check No. 4. Cash Rent Expense 1. Which accounts are affected? Rent Expense Cash Debit Normal Balance 250.00 2. How is each account classified? Rent Expense is an expense account. Cash is an asset account. 3. How is each classification changed? Expenses are increased. Assets are decreased. Debit Normal Balance 250.00 4. How is each amount entered in the accounts? Expenses increase on the debit side. Assets decrease on the credit side. Lesson 4-3, page 78

6 PAID CASH FOR AN EXPENSE (continued)
August 12. Paid cash for rent, $ Check No. 4. 2 3 1 4 1. Write the date. 2. Debit Rent Expense. 3. Credit Cash. 4. Write the source document number. Lesson 4-3, page 78

7 RECEIVED CASH ON ACCOUNT
August 12. Received cash on account from Kids Time, $ Receipt No. 2. Accounts Rec.—Kids Time Cash 1. Which accounts are affected? Cash Accounts Receivable—Kids Time Debit Normal Balance 100.00 2. How is each account classified? Cash is an asset account. Accounts Rec.—Kids Time is an asset account. 3. How is each classification changed? Assets are increased. Assets are decreased. Debit Normal Balance 100.00 4. How is each amount entered in the accounts? Assets increase on the debit side. Assets decrease on the credit side. Lesson 4-3, page 79

8 RECEIVED CASH ON ACCOUNT (continued)
August 12. Received cash on account from Kids Time, $ Receipt No. 2. 3 1 4 2 1. Write the date. 2. Debit Cash. 3. Credit Sales. 4. Write the source document number. Lesson 4-3, page 79

9 PAID CASH TO OWNER FOR PERSONAL USE
August 12. Paid cash to owner for personal use, $ Check No. 6. Cash Barbara Treviño, Drawing 1. Which accounts are affected? Barbara Treviño, Drawing Cash Debit Normal Balance 100.00 2. How is each account classified? Barbara Treviño, Drawing is an owner’s equity account. Cash is an asset account. Debit Normal Balance 3. How is each classification changed? Withdrawals are increased. (This results in a decrease in owner’s equity.) Assets are decreased. 100.00 4. How is each amount entered in the accounts? Owner’s equity accounts decrease on the debit side. Assets decrease on the credit side. Lesson 4-3, page 80

10 PAID CASH TO OWNER FOR PERSONAL USE
August 12. Paid cash to owner for personal use, $ Check No. 6. 2 1 4 3 1. Write the date. 2. Debit Barbara Treviño, Drawing. 3. Credit Cash. 4. Write the source document number. Lesson 4-3, page 80

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