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Chapter 10

Chapter 10. Sales and Cash Receipts journal. Terms you need to know. Customer – a person or business to who merchandise or services are sold. Sales Tax – a tax on a sale of merchandise or services. Sales journal.

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Chapter 10

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  1. Chapter 10 Sales and Cash Receipts journal

  2. Terms you need to know • Customer – a person or business to who merchandise or services are sold. • Sales Tax – a tax on a sale of merchandise or services.

  3. Sales journal

  4. Nov 3. Sold merchandise on account to Children’s Paradise, $816.00 plus sales tax, $48.96; total, $864.96. Sales Invoice No. 76

  5. Aplia “ On your own” 10-1

  6. Cash Receipts Journal

  7. Terms you need to knowIf you have your textbook look at page 277 • Cash Sale • A sale in which cash is received for the total amount of the sale. • Credit Card Sale • A Sale in which cash is received for the total amount of the sale.

  8. Cash Receipt journal

  9. November 4 Recorded Cash and Credit card sale, $5,460.00 plus sales tax, $327.60 total $5787.60. Cash Tape No 4

  10. Nov. 6 Received Cash on account from Fiesta Costumes $2162.40, covering s 69 Receipt No. 90

  11. When we give a discount to our customer. November 7. Received cash on account from Cumberland Center, $1,176.00, covering Sale Invoice No. 74 for $1,200, less 2% discount, $24.00. Receipt No. 91 Sales Discount- terms of contract 2/10 N30 2% discount if paid within 10 days of sale or balance is paid in 30

  12. Aplia 10-2 “On your own”

  13. Recording Transactions Using a General Journal • Sales Return and Allowance – When we sell something and have it returned. • We have to return the money owed for the item plus the taxes that went with it….

  14. March 11, Granted Credit to Village Crafts for merchandise returned, $58.50, plus sales tax, $3.51, from S160; total, $62.01. Credit Memorandum No. 41

  15. Problems 11-1,2,3,4 • Computer Problem 11-3

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