Transcript ADJUSTING ENTRY FOR SUPPLIES

Accounting I
Chapter 11 – Journalizing
Sales & Cash Receipts
TERMS REVIEW
customer
sales tax
cash sale
credit card sale
Lesson 11-1, page 259
TERMS REVIEW
Customer
A person or business to whom
merchandise or services are sold.
Lesson 11-1, page 252
TERMS REVIEW
Sales Tax
A tax on a sale of merchandise or
service.
Lesson 11-1, page 252
TERMS REVIEW
Cash Sale
A sale in which cash is received
for the total amount of the sale at
the time of the transaction.
Lesson 11-1, page 254
TERMS REVIEW
Credit Card Sale
A sale in which a credit card is
used for the total amount of the
sale at the time of the transaction.
Lesson 11-1, page 254
CASH AND CREDIT CARD SALES
November 4. Recorded cash and credit card sales, $5,460.00, plus
sales tax, $327.60; total, $5,787.60. Cash Register Tape No 4.
Accounts Affected
Cash
Sales
Sales Tax Payable
Cash
normal balance
 5,787.60
Classification
Asset
Revenue
Liability
Change
Increased
Increased
Increased
Entered
Debit side
Credit side
Credit side
Sales
normal balance

5,460.60
Sales Tax Payable
normal balance

327.60
Lesson 11-1, page 255
CASH AND CREDIT CARD SALES
1
2
3
4
5
6
7
1. Write the date.
2. Place a check mark in the Account Title column to show
that no account title needs to be written.
3. Write the cash register tape number.
4. Place a check mark in the Post. Ref. column to show that
amounts on this line are not to be posted individually.
5. Write the sales amount.
6. Write the sales tax amount.
Lesson 11-1, page 255
7. Write the cash amount.
SALES INVOICE
Lesson 11-1, page 256
SALES ON ACCOUNT
November 3. Sold merchandise on account to Children’s Paradise,
$816.00, plus sales tax, $48.96; total, $864.96. Sales Invoice No. 76.
Accounts Affected
Accounts Receivable
Sales
Sales Tax Payable
Accounts Receivable
normal balance

864.96
Classification
Asset
Revenue
Liability
Change
Increased
Increased
Increased
Entered
Debit side
Credit side
Credit side
Sales
normal balance

816.00
Sales Tax Payable
normal balance

48.96
Lesson 11-1, page 257
SALES ON ACCOUNT
2
3
4
5
6
1
4. Write the total amount owed.
1. Write the date.
2. Write the customer name. 5. Write the sales amount.
3. Write the sales invoice
6. Write the sales tax
Lesson 11-1, page 257
number.
amount.
CASH RECEIPTS ON ACCOUNT
1
2
3
4
5
1. Write the date.
2. Write the customer’s name.
3. Write the receipt number.
4. Write the credit amount.
5. Write the debit amount.
Lesson 11-1, page 258
Work Together &
On Your Own –
Page 259
CARRYING TOTALS FORWARD ON THE LEFT PAGE
1
6
2
3
1. Rule a single line.
2. Write the date.
3. Write Carried Forward.
4. Place a
check
mark.
5. Write each
column
total.
6. Rule double lines.
4
5
RIGHT PAGE
Lesson 11-2, p.
260-261
5
STARTING A NEW EXPANDED JOURNAL LEFT PAGE
1

2
3
4
5
1. Write journal page number on the left and right pages.
2. Write the date.
3. Write Brought Forward.
RIGHT PAGE
4. Place a check mark.
5. Record
1
column
total
brought
forward.
5
Lesson 11-2, p.
262-263
PROVING AND RULING OF AN EXPANDED JOURNAL
AT THE END OF THE MONTH — LEFT PAGE
1
5
2
3
4
1. Rule a single line.
2. Write the date.
3. Write Totals.
4. Write each column total.
5. Rule double lines.
RIGHT PAGE
Lesson 11-2, p.
264-265
4
Work Together &
On Your Own –
Page 266