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Sold merchandise to a customer on account, customer is tax exempt.

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Presentation on theme: "Sold merchandise to a customer on account, customer is tax exempt."— Presentation transcript:

1 Sold merchandise to a customer on account, customer is tax exempt

2 DR AR CR CR SALES

3 Received a check from a customer paying on their account less a discount

4 DR CASH DR SALES DISCOUNTS CR AR

5 Received cash from the sale of an asset

6 DR CASH CR ASSET

7 A customer bought merchandise on account; customer was taxable

8 DR AR CR SALES CR SALES TAXABLE

9 Record cash sales of merchandise for the day including sales tax

10 DR CASH CR SALES TAX PAYABLE CR SALES

11 Received a check from a customer paying on their account

12 DR CASH CR AR

13 Sold merchandise to a customer on account, customer is tax exempt

14 DR AR CR SALES

15 Record bankcard sales of merchandise for the day from a tape including sales tax

16 DR CASH CR SALES TAX PAYABLE CR SALES

17 Issued a credit memorandum to a customer for merchandise returned; original sales included sales tax

18 DR SALES RETURNS & ALLOWANCES DR SALES TAX PAYABLE CR AR

19 Issued a check to purchase merchandise at the time of the purchase

20 DR PURCHASES CR CASH

21 Issued a check to purchase office supplies at the time of purchase

22 DR OFFICE SUPPLIES CR CASH

23 Record the payment of transportation in charges

24 DR TRANSPORTATION CHARGES CR CASH

25 Purchased office equipment on account

26 DR Office Equipment CR AP

27 Issued a check to pay on account

28 DR AP CR CASH

29 Record the payment of an advertising expense

30 DR ADVERTISING EXPENSE CR CASH

31 Record bankcard fees

32 DR BANKARD FEES CR CASH

33 Purchased merchandise on account

34 DR PURCHASES CR AP

35 Record a repair expense that was performed for your business on account at the time of the repair

36 DR REPAIR EXPENSES CR AP

37 Record a payment on account

38 DR AP CR CASH

39 Issued a debit memorandum to a creditor for merchandise returned

40 DR AP CR PURCHASES Returns & Allowances

41 Record the payment on account less a discount

42 DR – AP CR – CASH CR – PURCHASE DISCOUNTS

43 Record the purchase of prepaid insurance with a check

44 DR PREPAID INSURANCE CR CASH

45 CALCULATE NET SALES

46 SALES -SALES DISCOUNTS -SALES RETURNS & ALLOWANCES =NET SALES

47 CALCULATE NET PURCHASES

48 PURCHASES +TRANSPORTATION IN -PURCHASES DISCOUNTS - PURCHASES RETURNS & ALLOWANCES =NET PURCHASES


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