6.2 Posting the Sales Journal
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VCE Accounting Unit 3. Video of this presentation can be found on my YouTube channel here https://www.youtube.com/channel/UCf5jyuJoYwie8tWfvjEc0zg.
![© Michael Allison. Author’s permission required for external use.
6.2 POSTING THE SALES JOURNAL
Sales Journal
Date Debtor Invoice
Number
Cost of
Sales
Sales GST Debtors
Control
Feb 28 Totals 2530 4500 450 4950
At the end of the period, the monthly totals must be “posted” to the relevant
General Ledger accounts
Cost of Sales [E]
28/2 Stock 2530
Stock [A]
28/2 Cost of sales 2530
Posted on last day of
period
Posted on last day of
period
Sales Journal
Date Debtor Invoice
Number
Cost of
Sales
Sales GST Debtors
Control
Feb 28 Totals 2530 4500 450 4950
Debit Credit
Expenses
Debit Credit
Assets
Cost of Sales [E]
28/2 Stock 2530
Debit Credit
Expenses
Stock [A]
28/2 Cost of sales 2530
Debit Credit
Assets ](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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6.2 Posting the Sales Journal
- 2. © Michael Allison. Author’s permission required for external use. 6.2 POSTING THE SALES JOURNAL Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 28 Totals 2530 4500 450 4950 At the end of the period, the monthly totals must be “posted” to the relevant General Ledger accounts Cost of Sales [E] 28/2 Stock 2530 Stock [A] 28/2 Cost of sales 2530 Posted on last day of period Posted on last day of period Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 28 Totals 2530 4500 450 4950 Debit Credit Expenses Debit Credit Assets Cost of Sales [E] 28/2 Stock 2530 Debit Credit Expenses Stock [A] 28/2 Cost of sales 2530 Debit Credit Assets
- 3. © Michael Allison. Author’s permission required for external use. Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 28 Totals 2530 4500 450 4950 At the end of the period, the monthly totals must be “posted” to the relevant General Ledger accounts Sales [R] 28/2 Debtors Control 4500 Posted on last day of period 6.2 POSTING THE SALES JOURNAL Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 28 Totals 2530 4500 450 4950 Debit Credit Revenues Debit Credit Revenues Sales [R] 28/2 Debtors Control 4500
- 4. © Michael Allison. Author’s permission required for external use. Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 28 Totals 2530 4500 450 4950 At the end of the period, the monthly totals must be “posted” to the relevant General Ledger accounts GST [L] 28/2 Debtors Control 450 Posted on last day of period 6.2 POSTING THE SALES JOURNAL Debit Credit Liabilities Debit Credit Liabilities GST [L] 28/2 Debtors Control 450 Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 28 Totals 2530 4500 450 4950
- 5. © Michael Allison. Author’s permission required for external use. Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 28 Totals 2530 4500 450 4950 At the end of the period, the monthly totals must be “posted” to the relevant General Ledger accounts Debtors Control [A] 28/2 Sales/GST 4950 Posted on last day of period 6.2 POSTING THE SALES JOURNAL Debit Credit Assets Debit Credit Assets Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 28 Totals 2530 4500 450 4950 Debtors Control [A] 28/2 Sales/GST 4950
- 6. © Michael Allison. Author’s permission required for external use. Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 28 Totals 2530 4500 450 4950 Dr Cr Cr Cr Dr 6.2 POSTING THE SALES JOURNAL Debtors Control [A] 28/2 Sales/GST 4950 Sales [R] 28/2 Debtors Control 4500 GST [L] 28/2 Debtors Control 450 Cost of Sales [E] 28/2 Stock 2530 Stock [A] 28/2 Cost of sales 2530 Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 28 Totals 2530 4500 450 4950 Debtors Control [A] 28/2 Sales/GST 4950 Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 28 Totals 2530 4500 450 4950 Sales [R] 28/2 Debtors Control 4500 GST [L] 28/2 Debtors Control 450 Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 28 Totals 2530 4500 450 4950 Cost of Sales [E] 28/2 Stock 2530 Stock [A] 28/2 Cost of sales 2530
- 7. © Michael Allison. Author’s permission required for external use. What does “Debtors Control” mean? Most businesses have many debtors… Debtors Control [A] 28/2 Sales/GST 4950 Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 Debtors Control is used to record the total of all debtors 6.2 POSTING THE SALES JOURNAL Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950
- 8. © Michael Allison. Author’s permission required for external use. While knowing the total of all debtors is important, a firm must keep track of each of its individual debtors as well… Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 M. Bennett Inv. 451 $2,750 Inv. 454 $220 Total $2,970 A. Griffith Inv. 452 $1,100 Total $1,100 R. Jones Inv. 453 $440 Inv. 455 $440 Total $880 Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 + + Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 $4,950 Sales Journal Date Debtor Invoice Number Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 6.2 POSTING THE SALES JOURNAL
- 9. © Michael Allison. Author’s permission required for external use. But each individual debtor is NOT given its own account in the General Ledger Debtors – M. Bennett [A] 1 /2 Sales/GST 2750 24/2 Sales/GST 220 General Ledger Debtors – A. Griffith [A] 4/2 Sales/GST 1100 Debtors – R. Jones [A] 17/2 Sales/GST 440 27/2 Sales/GST 440 What is wrong with giving each debtor its own account in the General Ledger? It’s difficult to determine the total amount of all debtors. Preparing a Trial Balance is more difficult. Relevance – limits decision-making. Understandability – difficult to comprehend 6.2 POSTING THE SALES JOURNAL
- 10. © Michael Allison. Author’s permission required for external use. Instead of this approach, a Control Account is created in the General Ledger And an individual account is created for each debtor in the Subsidiary Ledger General Ledger Debtors Control [A] 28/2 Sales/GST 4950 Debtors – M. Bennett [A] 1 /2 Sales/GST 2750 24/2 Sales/GST 220 Subsidiary Ledger Debtors – A. Griffith [A] 4/2 Sales/GST 1100 Debtors – R. Jones [A] 17/2 Sales/GST 440 27/2 Sales/GST 440 Posted on last day of period Posted on actual day of transaction Posted on actual day of transaction Posted on actual day of transaction 6.2 POSTING THE SALES JOURNAL
- 11. © Michael Allison. Author’s permission required for external use. In the Subsidiary Ledger the transactions recorded in the Sales Journal are entered individually Sales Journal Date Debtor Inv. No. Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 Debtors – M. Bennett [A] 1 /2 Sales/GST 2750 24/2 Sales/GST 220 Subsidiary Ledger Debtors – A. Griffith [A] 4/2 Sales/GST 1100 Debtors – R. Jones [A] 17/2 Sales/GST 440 27/2 Sales/GST 440 Sales Journal Date Debtor Inv. No. Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 Debtors – M. Bennett [A] 1 /2 Sales/GST 2750 24/2 Sales/GST 220Sales Journal Date Debtor Inv. No. Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 Debtors – A. Griffith [A] 4/2 Sales/GST 1100 Sales Journal Date Debtor Inv. No. Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 Debtors – R. Jones [A] 17/2 Sales/GST 440 27/2 Sales/GST 440 Sales Journal Date Debtor Inv. No. Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 Debtors – M. Bennett [A] 1 /2 Sales/GST 2750 24/2 Sales/GST 220Sales Journal Date Debtor Inv. No. Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 Debtors – R. Jones [A] 17/2 Sales/GST 440 27/2 Sales/GST 440 Posted on actual day of transaction Posted on actual day of transaction Posted on actual day of transaction 6.2 POSTING THE SALES JOURNAL
- 12. © Michael Allison. Author’s permission required for external use. Likewise, the cash received from debtors (recorded in the Cash Receipts Journal) must also be entered individually in the Subsidiary Ledger Subsidiary Ledger Debtors – M. Bennett [A] 1 /2 Sales/GST 2750 24/2 Sales/GST 220 Debtors – A. Griffith [A] 4/2 Sales/GST 1100 Debtors – R. Jones [A] 17/2 Sales/GST 440 27/2 Sales/GST 440 Cash Receipts Journal Date Details RecNo. Bank Discount Expense Debtors Control Feb 11 M. Bennett 19 2600 150 2750 Feb 19 A. Griffith 20 800 0 800 Feb 23 R. Jones 21 390 50 440 Feb 28 Totals 3790 200 3990 Cash Receipts Journal Date Details RecNo. Bank Discount Expense Debtors Control Feb 11 M. Bennett 19 2600 150 2750 Feb 19 A. Griffith 20 800 0 800 Feb 23 R. Jones 21 390 50 440 Feb 28 Totals 3790 200 3990 Debtors – M. Bennett [A] 1 /2 Sales/GST 2750 11/2 Cash/Disc Exp 2750 24/2 Sales/GST 220 Cash Receipts Journal Date Details RecNo. Bank Discount Expense Debtors Control Feb 11 M. Bennett 19 2600 150 2750 Feb 19 A. Griffith 20 800 0 800 Feb 23 R. Jones 21 390 50 440 Feb 28 Totals 3790 200 3990 Debtors – A. Griffith [A] 4/2 Sales/GST 1100 19/2 Cash 800 Cash Receipts Journal Date Details RecNo. Bank Discount Expense Debtors Control Feb 11 M. Bennett 19 2600 150 2750 Feb 19 A. Griffith 20 800 0 800 Feb 23 R. Jones 21 390 50 440 Feb 28 Totals 3790 200 3990 Debtors – R. Jones [A] 17/2 Sales/GST 440 23/2 Cash/Disc Exp 440 27/2 Sales/GST 440 Sales Journal Date Debtor Inv. No. Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 6.2 POSTING THE SALES JOURNAL
- 13. © Michael Allison. Author’s permission required for external use. Cash Receipts Journal Date Details RecNo. Bank Discount Expense Debtors Control Feb 11 M. Bennett 19 2600 150 2750 Feb 19 A. Griffith 20 800 0 800 Feb 23 R. Jones 21 390 50 440 Feb 28 Totals 3790 200 3990 Sales Journal Date Debtor Inv. No. Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 Debtors Control [A] 28/2 Sales/GST 4950 Debtors Control [A] 28/2 Sales/GST 4950 Debtors Control [A] 28/2 Sales/GST 4950 28/2 Cash/Disc Exp 3990 Posted on last day of period Posted on last day of period 6.2 POSTING THE SALES JOURNAL Sales Journal Date Debtor Inv. No. Cost of Sales Sales GST Debtors Control Feb 1 M. Bennett 451 1400 2500 250 2750 Feb 4 A. Griffith 452 600 1000 100 1100 Feb 17 R. Jones 453 210 400 40 440 Feb 24 M. Bennett 454 120 200 20 220 Feb 27 R. Jones 455 200 400 40 440 Feb 28 Totals 2530 4500 450 4950 Cash Receipts Journal Date Details RecNo. Bank Discount Expense Debtors Control Feb 11 M. Bennett 19 2600 150 2750 Feb 19 A. Griffith 20 800 0 800 Feb 23 R. Jones 21 390 50 440 Feb 28 Totals 3790 200 3990 General Ledger
- 14. © Michael Allison. Author’s permission required for external use. General Ledger Subsidiary Ledger Debtors Control [A] 28/2 Sales/GST 4950 28/2 Cash/Disc Exp 3990 Debtors – M. Bennett [A] 1 /2 Sales/GST 2750 11/2 Cash/Disc Exp 2750 24/2 Sales/GST 220 Debtors – A. Griffith [A] 4/2 Sales/GST 1100 19/2 Cash/Disc Exp 800 Debtors – R. Jones [A] 17/2 Sales/GST 440 23/2 Cash/Disc Exp 440 27/2 Sales/GST 440 Debtors – M. Bennett [A] 1 /2 Sales/GST 2750 11/2 Cash/Disc Exp 2750 24/2 Sales/GST 220 Debtors – A. Griffith [A] 4/2 Sales/GST 1100 19/2 Cash/Disc Exp 800 Debtors – R. Jones [A] 17/2 Sales/GST 440 23/2 Cash/Disc Exp 440 27/2 Sales/GST 440 Debtors Control [A] 28/2 Sales/GST 4950 28/2 Cash/Disc Exp 3990 Debtors – M. Bennett [A] 1 /2 Sales/GST 2750 11/2 Cash/Disc Exp 2750 24/2 Sales/GST 220 Debtors – A. Griffith [A] 4/2 Sales/GST 1100 19/2 Cash 800 Debtors – R. Jones [A] 17/2 Sales/GST 440 23/2 Cash/Disc Exp 440 27/2 Sales/GST 440 Debtors Control [A] 28/2 Sales/GST 4950 28/2 Cash/Disc Exp 3990 4950 Debtors Control [A] 28/2 Sales/GST 4950 28/2 Cash/Disc Exp 3990 4950 4950 Debtors Control [A] 28/2 Sales/GST 4950 28/2 Cash/Disc Exp 3990 28/2 Balance 960 4950 4950 Debtors Control [A] 28/2 Sales/GST 4950 28/2 Cash/Disc Exp 3990 28/2 Balance 960 4950 4950 1/3 Balance 960 Debtors – M. Bennett [A] 1 /2 Sales/GST 2750 11/2 Cash/Disc Exp 2750 24/2 Sales/GST 220 2970 Debtors – M. Bennett [A] 1 /2 Sales/GST 2750 11/2 Cash/Disc Exp 2750 24/2 Sales/GST 220 2970 2970 Debtors – M. Bennett [A] 1 /2 Sales/GST 2750 11/2 Cash/Disc Exp 2750 24/2 Sales/GST 220 28/2 Balance 220 2970 2970 Debtors – M. Bennett [A] 1 /2 Sales/GST 2750 11/2 Cash/Disc Exp 2750 24/2 Sales/GST 220 28/2 Balance 220 2970 2970 1/3 Balance 220 Debtors – A. Griffith [A] 4/2 Sales/GST 1100 19/2 Cash 800 1100 Debtors – A. Griffith [A] 4/2 Sales/GST 1100 19/2 Cash 800 1100 1100 Debtors – A. Griffith [A] 4/2 Sales/GST 1100 19/2 Cash 800 28/2 Balance 300 1100 1100 Debtors – A. Griffith [A] 4/2 Sales/GST 1100 19/2 Cash 800 28/2 Balance 300 1100 1100 1/3 Balance 300 Debtors – R. Jones [A] 17/2 Sales/GST 440 23/2 Cash/Disc Exp 440 27/2 Sales/GST 440 880 Debtors – R. Jones [A] 17/2 Sales/GST 440 23/2 Cash/Disc Exp 440 27/2 Sales/GST 440 880 880 Debtors – R. Jones [A] 17/2 Sales/GST 440 23/2 Cash/Disc Exp 440 27/2 Sales/GST 440 28/2 Balance 440 880 880 Debtors – R. Jones [A] 17/2 Sales/GST 440 23/2 Cash/Disc Exp 440 27/2 Sales/GST 440 28/2 Balance 440 880 880 1/3 Balance 440 6.2 POSTING THE SALES JOURNAL General Ledger
- 15. © Michael Allison. Author’s permission required for external use. Debtors Control Opening Balance Sales Journal Cash Receipts Journal Debtors Subsidiary Opening Balance Sales Journal Cash Receipts Journal 6.2 POSTING THE SALES JOURNAL • Credit Sales • GST charged on Credit Sales • Credit Sales • GST charged on Credit Sales • Cash paid by debtors • Discount Expense given to debtors • Cash paid by debtors • Discount Expense given to debtors
- 16. © Michael Allison. Author’s permission required for external use. TASK In-class Homework Ex6.1 (b) X SQ10 X