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LESSON 2-2

LESSON 2-2. Journalizing and Posting Cash Receipts. Sales Amount. +. 8.25% Sales Tax. =. Total Invoice Amount. $1,700.00. +. $140.25. =. $1,840.25. Invoice Amount. ×. Discount Rate. =. Sales Discount. $1,840.25. ×. 2%. =. $36.81. Total Invoice Amount. –. 2% Sales Discount.

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LESSON 2-2

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  1. LESSON 2-2

    Journalizing and Posting Cash Receipts
  2. Sales Amount + 8.25% Sales Tax = Total Invoice Amount $1,700.00 + $140.25 = $1,840.25 Invoice Amount × Discount Rate = Sales Discount $1,840.25 × 2% = $36.81 Total Invoice Amount – 2% Sales Discount = Amount Due in 10 Days $1,840.25 – $36.81 = $1,803.44 DEPARTMENTAL CASH RECEIPTS page 44 Terms: 2/10, n/30 Invoice paid within 10 days: LESSON 2-2
  3. JOURNALIZING A CASH RECEIPT WITH A SALES DISCOUNT page 45 June 1. Received cash on account from Olympic Productions, $1,803.44, covering Sales Invoice No. 96 for audio equipment for $1,840.25 ($1,700.00 plus sales tax, $140.25), less 2% discount, $36.81. Receipt No. 89. 1 2 3 4 5 6 1. Write the date. 5. Write the sales discount debit amount. 2. Write the customer name. 6. Write the cash debit amount. 3. Record the receipt number. 4. Write the accounts receivable credit amount. LESSON 2-2
  4. JOURNALIZING A CASH RECEIPT WITH A SALES RETURN AND A SALES DISCOUNT page 46 June 8. Received cash on account from Kim Electronics, $159.12, covering Sales Invoice No. 101 for $303.10 ($280.00 plus sales tax, $23.10), less Credit Memorandum No. 43 for $140.73 ($130.00 plus sales tax, $10.73), less 2% discount, $3.25. Receipt No. 92. 1 2 3 4 5 6 1. Write date. 4. Write the account receivable credit amount. 2. Write the customer name. 5. Write the sales discount debit amount. 3. Record receipt number. 6. Write the cash debit amount. LESSON 2-2
  5. JOURNALIZING CASH AND CREDIT CARD SALES page 47 June 11. Recorded cash and credit card sales, audio equipment, $4,370.00; video equipment, $6,280.00; plus sales tax, $878.63; total $11,528.63. Terminal Summary No. 53. 1 4 2 3 5 6 7 1. Date 2. Check mark in Account Title column 5. Sales tax payable credit amount 3. Cash register tape number 6. Sales credit amounts 4. Check mark in Post. Ref. column 7. Cash debit amount LESSON 2-2
  6. 1 2 POSTING FROM A CASH RECEIPTS JOURNAL page 48 1. Individual amounts are posted to the accounts receivable ledger. 2. Column totals are posted to the account named in the column heading. LESSON 2-2
  7. ORDER OF POSTING FROM JOURNALS page 49 Sales journal Purchases journal General journal Cash receipts journal Cash payments journal LESSON 2-2
  8. TERMS REVIEW page 50 sales discount point-of-sale (POS) terminal terminal summary LESSON 2-2
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