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
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.
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.
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29. Now, on to some class activities on
our topic!!!