century 21 accounting © 2009 south-western, cengage learning lesson 2-1 departmental sales on...
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-1LESSON 2-1
Departmental Sales on Account and Sales Returns and Allowances
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 2-1
June 1. Sold audio equipment on account to Kim Electronics, $280.00, plus sales tax, $23.10; total, $303.10. Sales Invoice No. 101.
1. Write the date.
5. Write the sales tax payable amount.
4. Write the total invoice amount.
3. Write the sales invoice number.
2. Write the customer name.
6. Write the sales amount.
JOURNALIZING SALES ON ACCOUNTJOURNALIZING SALES ON ACCOUNT page 37
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 2-1
4. Enter account balance.
3. Enter amount in Debit column.
2. Write sales journal page.
1. Write date.
5. Write customer number in Post. Ref. column of sales journal.
POSTING FROM A SALES JOURNAL TO POSTING FROM A SALES JOURNAL TO THE ACCOUNTS RECEIVABLE LEDGERTHE ACCOUNTS RECEIVABLE LEDGER page 38
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 2-1
3. Enter debit amount.2. Write sales journal page.
4. Enter account balance.1. Write date. 5. Write general ledger account
number in parentheses.
POSTING FROM A SALES JOURNAL TO POSTING FROM A SALES JOURNAL TO A GENERAL LEDGER ACCOUNTA GENERAL LEDGER ACCOUNT page 39
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 2-1
June 5. Granted credit to Kim Electronics for audio equipment returned, $130, plus sales tax, $10.73, from Sales Invoice No. 101; total, $140.73. Credit Memo No. 43.
JOURNALIZING SALES RETURNS AND JOURNALIZING SALES RETURNS AND ALLOWANCESALLOWANCES page 40
3. Record credit memo number.
4. Write debit amounts.
1. Write date.
2. Enter accounts to be debited.
5. Enter accounts to be credited.
6. Draw diagonal line.
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7. Write credit amount.
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 2-1
POSTING FROM GENERAL JOURNALPOSTING FROM GENERAL JOURNAL page 41
2. Journal page number
1. Date
5. Account numbers
3. Debit amounts
4. Credit amount11
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 2-1
TERM REVIEWTERM REVIEW
credit memorandum – form used as source document for sales customer returns to you.
page 43
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 2-2LESSON 2-2
Journalizing and Posting Cash Receipts
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 2-2
DEPARTMENTAL CASH RECEIPTSDEPARTMENTAL CASH RECEIPTS
8.25% Sales TaxSales Amount Total Invoice Amount+ =
$1,700.00 + = $1,840.25$140.25
Discount RateInvoice Amount Sales Discount× =
$1,840.25 × = $36.812%
2% Sales DiscountTotal Invoice Amount Amount Due in 10 Days– =
$1,840.25 – = $1,803.44$36.81
Terms: 2/10, n/30Invoice paid within 10 days:
page 44
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 2-2
5. Write the sales discount debit amount.
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.
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1. Write the date.
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3. Record the receipt number.
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4. Write the accounts receivable credit amount.
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2. Write the customer name.
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6. Write the cash debit amount.
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JOURNALIZING A CASH RECEIPT WITH JOURNALIZING A CASH RECEIPT WITH A SALES DISCOUNTA SALES DISCOUNT page 45
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 2-2
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.
5. Write the sales discount debit amount.1. Write date.
3. Record receipt number.
4. Write the account receivable credit amount.2. Write the customer name.
6. Write the cash debit amount.
JOURNALIZING A CASH RECEIPT WITH A JOURNALIZING A CASH RECEIPT WITH A SALES RETURN AND A SALES DISCOUNTSALES RETURN AND A SALES DISCOUNT page 46
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LESSON 2-2
1. Date
3. Cash register tape number 4. Check mark in Post. Ref. column
2. Check mark in Account Title column
7. Cash debit amount
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.
5. Sales tax payable credit amount6. Sales credit amounts
JOURNALIZING CASH ANDJOURNALIZING CASH ANDCREDIT CARD SALESCREDIT CARD SALES page 47
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LESSON 2-2
2. Column totals are posted to the account named in the column heading.
1. Individual amounts are posted to the accounts receivable ledger.
POSTING FROM A CASH RECEIPTS POSTING FROM A CASH RECEIPTS JOURNALJOURNAL page 48
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 2-2
ORDER OF POSTING FROM JOURNALSORDER OF POSTING FROM JOURNALS
Sales journal Purchases journal General journal Cash receipts journal Cash payments journal
page 49
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
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LESSON 2-2
TERMS REVIEWTERMS REVIEW
sales discount – discount offered to a customer to encourage prompt payment
point-of-sale (POS) terminal – computer used to collect, store and report all information of a sales transactions
terminal summary – The report that summarizes the cash and credit card sales of a point of sale terminal
page 50
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