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Accounting I

Learn about journalizing sales, cash sales, credit card sales, sales tax, and cash receipts in this accounting lesson. Understand the terms and processes involved in recording cash and credit card sales, sales tax payable, sales on account, and cash receipts on account.

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Accounting I

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  1. Accounting I Chapter 11 – Journalizing Sales & Cash Receipts

  2. TERMS REVIEW customer sales tax cash sale credit card sale Lesson 11-1, page 259

  3. TERMS REVIEW Customer A person or business to whom merchandise or services are sold. Lesson 11-1, page 252

  4. TERMS REVIEW Sales Tax A tax on a sale of merchandise or service. Lesson 11-1, page 252

  5. TERMS REVIEW Cash Sale A sale in which cash is received for the total amount of the sale at the time of the transaction. Lesson 11-1, page 254

  6. TERMS REVIEW Credit Card Sale A sale in which a credit card is used for the total amount of the sale at the time of the transaction. Lesson 11-1, page 254

  7. Sales Tax Payable Sales Cash 327.60 5,460.60 5,787.60 CASH AND CREDIT CARD SALES November 4. Recorded cash and credit card sales, $5,460.00, plus sales tax, $327.60; total, $5,787.60. Cash Register Tape No 4. Entered Debit side Credit side Credit side Accounts Affected Cash Sales Sales Tax Payable Classification Asset Revenue Liability Change Increased Increased Increased normal balance normal balance   normal balance  Lesson 11-1, page 255

  8. CASH AND CREDIT CARD SALES 1 2 3 7 4 5 6 1. Write the date. 2. Place a check mark in the Account Title column to show that no account title needs to be written. 3. Write the cash register tape number. 4. Place a check mark in the Post. Ref. column to show that amounts on this line are not to be posted individually. 5. Write the sales amount. 6. Write the sales tax amount. 7. Write the cash amount. Lesson 11-1, page 255

  9. SALES INVOICE Lesson 11-1, page 256

  10. Accounts Receivable Sales Tax Payable Sales 48.96 816.00 864.96 SALES ON ACCOUNT November 3. Sold merchandise on account to Children’s Paradise, $816.00, plus sales tax, $48.96; total, $864.96. Sales Invoice No. 76. Entered Debit side Credit side Credit side Accounts Affected Accounts Receivable Sales Sales Tax Payable Classification Asset Revenue Liability Change Increased Increased Increased normal balance normal balance   normal balance  Lesson 11-1, page 257

  11. 3 2 5 6 4 1 SALES ON ACCOUNT 4. Write the total amount owed. 1. Write the date. 5. Write the sales amount. 2. Write the customer name. 3. Write the sales invoice number. 6. Write the sales tax amount. Lesson 11-1, page 257

  12. CASH RECEIPTS ON ACCOUNT 1 2 3 4 5 1. Write the date. 2. Write the customer’s name. 3. Write the receipt number. 4. Write the credit amount. 5. Write the debit amount. Lesson 11-1, page 258

  13. Work Together & On Your Own – Page 259

  14. 1 6 5 RIGHT PAGE 5 CARRYING TOTALS FORWARD ON THE LEFT PAGE 2 3 4 1. Rule a single line. 2. Write the date. 3. Write Carried Forward. 4. Place a check mark. Lesson 11-2, p. 260-261 5. Write each column total. 6. Rule double lines.

  15. 1  5 RIGHT PAGE 1 5 STARTING A NEW EXPANDED JOURNAL LEFT PAGE 2 3 4 1. Write journal page number on the left and right pages. 2. Write the date. 3. Write Brought Forward. 4. Place a check mark. 5. Record column total brought forward. Lesson 11-2, p. 262-263

  16. 1 5 4 RIGHT PAGE 4 PROVING AND RULING OF AN EXPANDED JOURNAL AT THE END OF THE MONTH — LEFT PAGE 2 3 1. Rule a single line. 2. Write the date. 3. Write Totals. 4. Write each column total. 5. Rule double lines. Lesson 11-2, p. 264-265

  17. Work Together & On Your Own – Page 266

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