A Special Journal Used To Record Only Sales Of Merchandise On Account
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A Special Journal Used To Record Only Sales Of Merchandise On Account

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    A Special Journal Used To Record Only Sales Of Merchandise On Account A Special Journal Used To Record Only Sales Of Merchandise On Account Presentation Transcript

    • 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt 10 pt 15 pt 20 pt 25 pt 5 pt Accounting Terms International Sales Sales On Account Cash Receipts General Journal
    • A special journal used to record only sales of merchandise on account.
    • Sales Journal
    • A deduction that a vendor allows on the invoice amount to encourage prompt payment on sales.
    • Sales discount
    • Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor’s accounts receivable.
    • Sales return
    • A form signed by a buyer at the time of a sale of merchandise in which the buyer promises to pay the seller a specified sum of money, usually at a stated time in the future.
    • Trade acceptance
    • A receipt signed by the authorized agent of a transportation company for merchandise received that also serves as a contract for the delivery of the merchandise.
    • Bill of Lading
    • Goods or services shipped out of a seller’s home country to a foreign country.
    • exports
    • A letter issued by a bank guaranteeing that a named individual or business will be paid a specified amount provided stated conditions are met.
    • Letter of credit
    • A written, signed, and dated order from one party ordering another party, usually a bank, to pay money to a third party.
    • draft
    • When recording an international cash sale, these accounts are affected in this way and recorded in this journal.
    • Cash – Debit Sales – Credit Cash Receipts
    • When receiving a time draft for an international sale, these accounts are affected and recorded in this journal.
    • Time Drafts Receivable – Debit Sales Credit General Journal
    • The three columns in the sales journal.
    • Accounts Receivable Debit Sales Credit Sales Tax Payable Credit
    • The source document for a sale on account.
    • Sales Invoice
    • The accounting concept that states: regardless of when cash is received, revenue should be recorded when merchandise is sold.
    • Realization of Revenue
    • A business owes the sales taxes collected to this.
    • State Government
    • When organizations like schools do not have to pay sales tax, they are said to be this.
    • Exempt
    • When recording cash and credit card sales, this is placed in the account title column.
    • Check Mark
    • The source document used when recording cash and credit card sales.
    • Cash Register Tape
    • The amount to place in the sales tax payable debit column in the transaction receiving cash on account from Ten Company, $1924.76, covering S176 for $1944.00 ($1,800 plus sales tax, $144), less 1% discount and sales tax, Receipt 297.
    • $1.44
    • A contra account to sales
    • Sales Discount
    • A deduction on the invoice amount is given for this reason.
    • To encourage early payment
    • The original copy of a credit memorandum is given to the customer. The second copy is used as the source document. This concept is applied.
    • Objective Evidence
    • The normal balance of the Sales Returns and Allowances account.
    • Debit
    • The best order to post from the journals.
    • Sales Journal Purchases Journal General Journal Cash Receipts Journal Cash Payments Journal
    • A listing of customer accounts, account balances, and total amount due from all customers.
    • Schedule of Accounts Receivable
    • Business transactions are stated in numbers that have common values.
    • UNIT OF MEASUREMENT