1. Mr. Belolan

2.  Journalize and Post transactions to the Cash Receipts Journal  Total, prove and rule the Cash Receipts Journal  Prepare a schedule of Accounts Receivable

3.  Customer  A person or business to whom merchandise or services are sold (vendor = sells products to businesses)  Sales Tax  A tax on a sale of merchandise or services  Cash Sale  Cash is received for the total amount at the time of sale  Credit Card Sale  A credit card is used for the total amount at the time of the sale

4.  PA sales tax rate?  6%  Exemptions?  45/50 states have sales tax  Other states’ rates?rates  Why do some states have a tax and others do not?

5.  Accounts Receivable  Asset, debit balance  Customer buys now and pays later  Advantages to accepting sales on account?  Increased sales  Selling in bulk  Disadvantages  Will they pay?  How to determine quality customer? Credit scores

6.  Credit Score  A numeric score that represents your creditworthiness  300-900 depending on which credit reporting agency  Positive Influences  Paying bills on time  Using credit cards properly  Length of credit history  Proper banking  Negative Influences  Paying bills late  Abusing credit card use  Short/no credit history  Incurring bank fees and charges

7. 1. Explain an advantage and disadvantage for a business to accept payment on credit. 2. How can you make a positive and negative influence on your credit score? 3. Since PA does not collect sales tax on necessities, how can this be an advantage to attracting businesses into our state?