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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
Accounting, Thursday, March 8
BELL RINGERAnswer the questions on
the worksheet from Lesson 10-1Journalizing sales on account using
the Sales Journal
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
2
LESSON 10-2
TERMS
cash sale credit card sale point-of-sale (POS) terminal terminal summary batch report batching out cash receipts journal sales discount
page 284
Define the following terms from Lesson 10-2, pages 276-284
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 10-2
Journalizing Cash Receipts Using a Cash Receipts Journal
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
4
LESSON 10-2
PROCESSING SALES TRANSACTIONS pages 276- 277
UPC (Universal Product Code)
Cash Register Receipt
Point-of-Sale (POS) Terminal Receipt
(continued on next slide)
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
5
LESSON 10-2
PROCESSING SALES TRANSACTIONS page 277
Terminal Summary
Batch Report
(continued from previous slide)
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
6
LESSON 10-2
CASH RECEIPTS JOURNAL page 278
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
7
LESSON 10-2
CASH AND CREDIT CARD SALES
12
34
5 6
page 279
November 4. Recorded cash and credit card sales, $5,460.00, plus sales tax, $327.60; total, $5,787.60. Terminal Summary 34.
1. Write the date.2. Place a check mark in the Account Title column.3. Write the terminal summary document number.4. Place a check mark in the Post. Ref. column.5. Write the sales amount.6. Write the sales tax amount.7. Write the cash amount.
7
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
8
LESSON 10-2
CASH RECEIPTS ON ACCOUNT
1 2 3 4 5
page 280
November 6. Received cash on account from Country Crafters, $2,162.40, covering S69. Receipt No. 90.
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.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
9
LESSON 10-2
JOURNALIZING CASH RECEIPTS ON ACCOUNT WITH SALES DISCOUNTS
1 2 3 4 5 6
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.
4. Write the original invoice amount.1. Write the date.
2. Write the customer’s name.
3. Write the receipt number.
5. Write the amount of sales discount.
6. Write the debit to cash.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
10
LESSON 10-2
TOTALING, PROVING, AND RULING A CASH RECEIPTS JOURNAL page 283
Column Title Debit Totals Credit TotalsGeneral Debit General Credit Accounts receivable Credit Sales Credit Sales Tax Payable Credit Sales Discount Debit Cash Debit TOTALS
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
11
LESSON 10-2
TOTALING, PROVING, AND RULING A CASH RECEIPTS JOURNAL page 283
Proving Cash:Cash on Hand at the beginning of the month (from Nov. 1 balance of general ledger cash account)
$17,647.44
PLUS total cash received during the month(cash debit column, cash receipts journal)
EQUALS TOTAL LESS total cash paid during the month(cash credit column total, cash payments journal)
$32,901.40
EQUALS cash balance on hand at end of the month Checkbook balance on the next unused check stub
Proving Cash: The balance on the next unused check stub is $23,414.84
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
12
LESSON 5-1
ASSIGNMENT
Work Together 10-2 as a Class, pg. 284