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The Accounting Cycle for a
            Merchandising Corporation!!!


Chapter
  16:
 Special
Journals:
 Sales &
  Cash
Receipts
16.    Understand two special journal: Sales Journal &
       Cash Receipts Journal by being able to:
      a.   Identify special journals & how they are used.
      b.   Record sales of merchandise on account in the sales
           journal
      c.   Record receipt of all cash into Cash Receipts Journal
      d.   Post from the Sales Journal to the General Journal &
           A/R Subsidiary Ledger
      e.   Post from the Cash Receipts Journal to General Journal
           & A/R Subsidiary Ledger
      f.   Foot, prove, total & rule sales journal & cash receipts
           journal
      g.   Define the accounting terms used in this chapter
 Have amounts columns used to record debits
  and credits to specific general ledger accounts
 Most transactions recorded on one line
 Simplify journalizing & posting process
1.   Sales journal    Sale of merchandise
2.   Cash receipts     on account
     journal          Receipt of all cash

3.   Purchases        Purchase of any
     journal           asset account
4.   Cash payments    Payment of all cash
     journal
The   Sales Journal
   Special journal used to record sales of
    merchandise on account
 Sales   journal has:
    a)   Space for page number
    b) Columns for date & posting reference
    c) Separate column to record the sales slip
         number
    d) Column to record name of charge customer
    e) Three special amount columns:
      1.   Sales Credit column
      2.   Sales Tax Payable Credit column
      3.   A/R Debit Column
   On December 1 On Your Mark sold merchandise on
    account to Casey Klein for $200 plus $12 sales tax,
    Sales Slip 50
   Posting transactions from the Sales Journal to
    the A/R Subsidiary Ledger.
The
Cash Receipts
   Journal
   Special journal used to record receipt of all cash
    received or (cash receipt)—debit to Cash in Bank
   Cash Receipts Journal has:
    a)  Space for page number
    b) Columns for date & posting reference
    c) Separate column to record the sales slip number
    d) Column to record name of charge customer
    e) Six special amount columns:
       1. General Credit column

       2. Sales Credit column

       3. Sales Tax Payable Credit column

       4. A/R Credit column

       5. Sales Discounts Debit column

       6. Cash in Bank Debit column
 General    Credit        Record credit to accounts
                            where there is no special
                            column
 Sales   Credit
                           Merchandise purchased by

 Sales
      Tax Payable           customers using cash or bank
 Credit                     cards
                           Sales tax collected

 A/R   Credit             Record payments from
                            charge customers
 Sales   Discounts        Record amount o cash
 Debit                      discounts taken by charging
                            customers
 Cash    in Bank Debit    Record amount of cash
                            actually received in
                            transaction
On December 5, Casey Klein pays $212.00 on account,
R301.
Received $1,470 from South Branch High School Athletics
in payment of Sales Slip 51 for $1500 less discount of $30,
Receipt 302.
Now, on to some class activities on
            our topic!!!

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Acct chapter 16

  • 1. The Accounting Cycle for a Merchandising Corporation!!! Chapter 16: Special Journals: Sales & Cash Receipts
  • 2. 16. Understand two special journal: Sales Journal & Cash Receipts Journal by being able to: a. Identify special journals & how they are used. b. Record sales of merchandise on account in the sales journal c. Record receipt of all cash into Cash Receipts Journal d. Post from the Sales Journal to the General Journal & A/R Subsidiary Ledger e. Post from the Cash Receipts Journal to General Journal & A/R Subsidiary Ledger f. Foot, prove, total & rule sales journal & cash receipts journal g. Define the accounting terms used in this chapter
  • 3.  Have amounts columns used to record debits and credits to specific general ledger accounts  Most transactions recorded on one line  Simplify journalizing & posting process
  • 4. 1. Sales journal  Sale of merchandise 2. Cash receipts on account journal  Receipt of all cash 3. Purchases  Purchase of any journal asset account 4. Cash payments  Payment of all cash journal
  • 5. The Sales Journal
  • 6. Special journal used to record sales of merchandise on account  Sales journal has: a) Space for page number b) Columns for date & posting reference c) Separate column to record the sales slip number d) Column to record name of charge customer e) Three special amount columns: 1. Sales Credit column 2. Sales Tax Payable Credit column 3. A/R Debit Column
  • 7.
  • 8. On December 1 On Your Mark sold merchandise on account to Casey Klein for $200 plus $12 sales tax, Sales Slip 50
  • 9. Posting transactions from the Sales Journal to the A/R Subsidiary Ledger.
  • 10.
  • 11.
  • 12.
  • 13.
  • 14.
  • 15. The Cash Receipts Journal
  • 16.
  • 17. Special journal used to record receipt of all cash received or (cash receipt)—debit to Cash in Bank  Cash Receipts Journal has: a) Space for page number b) Columns for date & posting reference c) Separate column to record the sales slip number d) Column to record name of charge customer e) Six special amount columns: 1. General Credit column 2. Sales Credit column 3. Sales Tax Payable Credit column 4. A/R Credit column 5. Sales Discounts Debit column 6. Cash in Bank Debit column
  • 18.  General Credit  Record credit to accounts where there is no special column  Sales Credit  Merchandise purchased by  Sales Tax Payable customers using cash or bank Credit cards  Sales tax collected  A/R Credit  Record payments from charge customers  Sales Discounts  Record amount o cash Debit discounts taken by charging customers  Cash in Bank Debit  Record amount of cash actually received in transaction
  • 19. On December 5, Casey Klein pays $212.00 on account, R301.
  • 20. Received $1,470 from South Branch High School Athletics in payment of Sales Slip 51 for $1500 less discount of $30, Receipt 302.
  • 21.
  • 22.
  • 23.
  • 24.
  • 25.
  • 26.
  • 27.
  • 28.
  • 29. Now, on to some class activities on our topic!!!