JOURNALIZING A CASH RECEIPT WITH A SALES DISCOUNT

JOURNALIZING A CASH RECEIPT WITH A SALES DISCOUNT June 1. Received cash on account from Par Golf Club, $1, 749. 30, covering Sales Invoice No. 96 for golf equipment for $1, 785. 00 ($1, 700. 00 plus sales tax, $85. 00), less 2% discount, $34. 00, and less sales tax, $1. 70. Receipt No. 89. 1 2 7 3 4 1. 2. 3. 4. 5. 6. 7. 5 Write the date. Write the customer name. Record the receipt number. Write the accounts receivable credit amount. Write the sales tax debit amount. Write the sales discount debit amount. Write the cash debit amount. 6 Lesson 2 -2, page 49 © South-Western Educational Publishing

JOURNALIZING A CASH RECEIPT WITH A SALES RETURN AND A SALES DISCOUNT June 8. Received cash on account from Eastside Sports Center, $437. 32, covering Sales Invoice No. 97 for $525. 00 ($500. 00 plus sales tax, $25. 00), less Credit Memorandum No. 42 for $78. 75 ($75. 00 plus sales tax, $3. 75), less 2% discount, $8. 50, and less sales tax, $0. 43. Receipt No. 92. 1 1. 2. 3. 4. 5. 6. 7. 2 3 4 5 Write the date. Write the customer name. Record the receipt number. Write the accounts receivable credit amount. Write the sales tax payable debit amount. Write the sales discount debit amount. Write the cash debit amount. 6 7 Lesson 2 -2, page 50 © South-Western Educational Publishing

JOURNALIZING CASH AND CREDIT CARD SALES June 11. Recorded cash and credit card sales, golf equipment, $4, 370. 00; tennis equipment, $6, 280. 00; plus sales tax, $532. 50; total $11, 182. 50. Cash Register Tape No. 11. 1 2 1. 2. 3. 4. 5. 6. 7. 3 4 5 6 Write the date. Place check mark in Account Title column. Record cash register tape number. Place a check mark in Post. Ref. column. Enter sales tax payable credit amount. Enter sales credit amount for each department. Enter the cash debit amount. 7 Lesson 2 -2, page 51 © South-Western Educational Publishing

POSTING FROM THE CASH RECEIPTS JOURNAL 1 1. Individual amounts are posted to the accounts receivable ledger. 2 2. Column totals are posted to the account named in Lesson 2 -2, page 52 the column heading. © South-Western Educational Publishing

TERMS REVIEW sales discount Lesson 2 -2, page 54 © South-Western Educational Publishing