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Chapter 10: Journalizing Sales and Cash Receipts Using Special Journals

Chapter 10: Journalizing Sales and Cash Receipts Using Special Journals. The Sales Journal. For sales on account Source document: Sales Invoice Total Sales Invoice amount = Sales + Sales Tax. Page 273

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Chapter 10: Journalizing Sales and Cash Receipts Using Special Journals

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  1. Chapter 10: Journalizing Sales and Cash Receipts Using Special Journals

  2. The Sales Journal For sales on account Source document: Sales Invoice Total Sales Invoice amount = Sales + Sales Tax Page 273 November 3. Sold merchandise on account to Village Crafts, $540.00, plus sales tax, $32.40; total, $572.40. Sales Invoice No 76.
  3. PRACTICE: 10-1 WT - Txtbk p. 274, WP p. 225 10-1 OYO – Txtbk p. 274, WP p. 226
  4. The Cash Receipts Journal: Cash and Credit Card Sales For cash and credit card sales Source document: Terminal Summary (TS) Total Cash = Sales + Sales Tax Payable Page 279 November 4. Recorded cash and credit card sales, $5460.00, plus sales tax, $327.60; total, $5787.60. Terminal Summary 34.
  5. PRACTICE: 10-2 WT - Txtbk p. 284, WP p. 227Oct. 13th transaction 10-2 OYO – Txtbk p. 284, WP p. 228 Nov. 13th transaction
  6. The Cash Receipts Journal: Cash Receipts on Account For cash received to pay an accounts receivable The sale has already been recorded on the Sales Journal Source document: Receipt (R) Total Cash = Sales + Sales Tax Payable Page 280 November 6. Received cash on account from Country Crafters, $2162.40, covering S69. Receipt No. 90
  7. PRACTICE: 10-2 WT - Txtbk p. 284, WP p. 227Oct. 4th transaction 10-2 OYO – Txtbk p. 284, WP p. 228 Nov. 2nd transaction
  8. The Cash Receipts Journal: Cash Receipts on Account with Sales Disc’t For cash received to pay an accounts receivable The sale has already been recorded on the Sales Journal A discount has been given to encourage payment Source document: Receipt (R) Total Cash = Accounts Receivable – Sales Disct Page 282 November 7. Received cash on account from Cumberland Center, $1,176.00, covering sales invoice no. 74 for $1,200.00, less 2% discount, $24.00. Receipt No. 91.
  9. PRACTICE: 10-2 WT - Txtbk p. 284, WP p. 227Oct. 30th transaction 10-2 OYO – Txtbk p. 284, WP p. 228 Nov. 27th transaction
  10. 10-3 General Journal: Sales Returns & Allowances p. 286 When a customer returns something or receives something damaged Source document: Credit Memorandum The Sales transaction has already been recorded on the Sales Journal *Remember: A General Journal requires a debit and a credit entry March 11. Granted credit to Village Crafts for merchandise returned, $58.50, plus sales tax, $3.51, from S150; total, $62.01, Credit Memorandum # 41
  11. PRACTICE: 10-3 WT - Txtbk p. 287, WP p. 229 10-3 OYO – Txtbk p. 287, WP p. 230
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