Transcript Chapter 2 PowerPoint

LESSON 2-1
Departmental Sales on
Account and Sales
Returns and Allowances
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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JOURNALIZING SALES ON ACCOUNT
page 37
June 1. Sold audio equipment on account to Kim Electronics, $280.00,
plus sales tax, $23.10; total, $303.10. Sales Invoice No. 101.
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1. Write the date.
2. Write the customer name.
3. Write the sales invoice number.
4. Write the total invoice amount.
5. Write the sales tax payable amount.
6. Write the sales amount.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-1
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POSTING FROM A SALES JOURNAL TO
THE ACCOUNTS RECEIVABLE LEDGER
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page 38
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1. Write date.
2. Write sales journal page.
3. Enter amount in Debit column.
4. Enter account balance.
5. Write customer number in Post. Ref. column of sales journal.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-1
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POSTING FROM A SALES JOURNAL TO
A GENERAL LEDGER ACCOUNT
page 39
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1. Write date.
2. Write sales journal page.
3. Enter debit amount.
4. Enter account balance.
5. Write general ledger account
number in parentheses.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-1
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JOURNALIZING SALES RETURNS AND
ALLOWANCES
page 40
June 5. Granted credit to Kim Electronics for audio equipment returned, $130, plus
sales tax, $10.73, from Sales Invoice No. 101; total, $140.73. Credit Memo No. 43.
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Write date.
Enter accounts to be debited.
Record credit memo number.
Write debit amounts.
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5. Enter accounts to be credited.
6. Draw diagonal line.
7. Write credit amount.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-1
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POSTING FROM GENERAL JOURNAL
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page 41
1. Date
2. Journal page
number
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3. Debit amounts
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4. Credit amount
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5. Account numbers
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 2-1
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TERM REVIEW
page 43
 credit memorandum – form used as source document
for sales customer returns to you.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-1
LESSON 2-2
Journalizing and Posting
Cash Receipts
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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DEPARTMENTAL CASH RECEIPTS
page 44
Sales Amount
+
8.25% Sales Tax
=
Total Invoice Amount
$1,700.00
+
$140.25
=
$1,840.25
Terms: 2/10, n/30
Invoice paid within 10 days:
Invoice Amount
×
Discount Rate
=
Sales Discount
$1,840.25
×
2%
=
$36.81
Total Invoice Amount
–
2% Sales Discount
=
Amount Due in 10 Days
$1,840.25
–
$36.81
=
$1,803.44
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-2
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JOURNALIZING A CASH RECEIPT WITH
A SALES DISCOUNT
page 45
June 1. Received cash on account from Olympic Productions,
$1,803.44, covering Sales Invoice No. 96 for audio equipment for
$1,840.25 ($1,700.00 plus sales tax, $140.25), less 2% discount,
$36.81. Receipt No. 89.
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Write the date.
Write the customer name.
Record the receipt number.
Write the accounts receivable
credit amount.
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5. Write the sales discount debit
amount.
6. Write the cash debit amount.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-2
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JOURNALIZING A CASH RECEIPT WITH A
SALES RETURN AND A SALES DISCOUNT
page 46
June 8. Received cash on account from Kim Electronics, $159.12, covering Sales
Invoice No. 101 for $303.10 ($280.00 plus sales tax, $23.10), less Credit
Memorandum No. 43 for $140.73 ($130.00 plus sales tax, $10.73), less 2%
discount, $3.25. Receipt No. 92.
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1. Write date.
2. Write the customer name.
3. Record receipt number.
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4. Write the account receivable credit amount.
5. Write the sales discount debit amount.
6. Write the cash debit amount.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-2
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JOURNALIZING CASH AND
CREDIT CARD SALES
page 47
June 11. Recorded cash and credit card sales, audio equipment, $4,370.00;
video equipment, $6,280.00; plus sales tax, $878.63; total $11,528.63.
Terminal Summary No. 53.
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Date
Check mark in Account Title column
Cash register tape number
Check mark in Post. Ref. column
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5. Sales tax payable credit amount
6. Sales credit amounts
7. Cash debit amount
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-2
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POSTING FROM A CASH RECEIPTS
JOURNAL
1
page 48
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1. Individual amounts are posted to the accounts receivable ledger.
2. Column totals are posted to the account named in the column heading.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-2
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ORDER OF POSTING FROM JOURNALS
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page 49
Sales journal
Purchases journal
General journal
Cash receipts journal
Cash payments journal
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-2
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TERMS REVIEW
page 50
 sales discount – discount offered to a customer to
encourage prompt payment
 point-of-sale (POS) terminal – computer used to
collect, store and report all information of a sales
transactions
 terminal summary – The report that summarizes the
cash and credit card sales of a point of sale terminal
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-2