1 / 7

Mr. Belolan

Ch. 11 Journalizing Sales and Cash Receipts. Mr. Belolan. Chapter Objectives. Journalize and Post transactions to the Cash Receipts Journal Total, prove and rule the Cash Receipts Journal Prepare a schedule of Accounts Receivable. Terms. Customer

phuc
Télécharger la présentation

Mr. Belolan

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Ch. 11 Journalizing Sales and Cash Receipts Mr. Belolan

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

  3. Terms • 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. Sales Tax • PA sales tax rate? • 6% • Exemptions? • 45/50 states have sales tax • Other states’ rates? • Why do some states have a tax and others do not?

  5. Selling on Account • 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 Scores • 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. Concept Review • Explain an advantage and disadvantage for a business to accept payment on credit. • How can you make a positive and negative influence on your credit score? • Since PA does not collect sales tax on necessities, how can this be an advantage to attracting businesses into our state?

More Related