会计专业英语09

1.9%
8.2%
17.0% 14.0%
Sales on Credit
Credit sales are recorded by increasing (debiting) Accounts Receivable. A company must also maintain a separate account for each customer that tracks how much that customer purchases, has
CompStore PR Debit Credit
2,000 950
Balance 2,000 2,950
Schedule of
Accounts Receivable
RDA Electronics
$ 280
CompStore
2,950
Total
$ 3,230
Date Jul 1
General Ledger
CREDIT CARD SALES
On July 15th, TechCom has $100 of credit card sales with a 4% fee, and its $96 cash is received
immediately on deposit.
Jul 15
DR CR
Cash
McGraw-Hill/Irwin
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RECOGNIZING ACCOUNTS RECEIVABLE
Accounts Receivable as a Percent of Total Assets
Oakley Callaway Gold
Pfizer Abercombie & Fitch
account at June 30, 2009. On July 1st, TechCom sells $950 of merchandise on account to CompStore, and collects $720 cash from
RDA as a payment on account.
The bank increases the balance in the
company’s checking account.
The company usually pays a fee of 1%
to 5% for the service.
McGraw-Hill/Irwin
Slide 7
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already paid, and still owes.
McGraw-Hill/Irwin
Slide 3
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SALES ON CREDIT
TechCom has two major credit customers (1) CompStore owes the company $2,000 on account, and (2) RDA Electronics owes $1,000 on
McGraw-Hill/Irwin
Slide 4
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SALES ON CREDIT
Accounts Receivable Ledger
RDA Electronics
Date PR Debit Credit Balance
Jun 30
1,000
1,000
Jul 1
720
280
Date Jun 30 Jul 1
Accounts Receivable
PR Debit Credit Balance
3,230
3,230
McGraw-Hill/Irwin
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CREDIT CARD SALES
Advantages of allowing customers to use credit cards:
Customers’ credit信用 is evaluated by the credit card
96
Credit Card Expense
4
Sales
100
To record credit card sales and fees
McGraw-Hill/Irwin
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CREDIT CARD SALES
If instead TechCom must remit electronically the credit card sales receipts to the credit card company and wait for the $96 cash payment, we will make the first entry on July 15th, and the second entry on July 28th, when the
ACCOUNTING FOR RECEIVABLES
Chapter 9
© 2009 The McGraw-Hill Companies, Inc.,
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ACCOUNTS RECEIVABLE
Amounts due from customers for credit sales.
Credit sales require: Maintaining a separate account receivable for each customer. Accounting for bad debts坏帐 that result from credit sales.
Jul 1
Accounts Receivable - CompStore Sales
To record credit sales to CompStore
DR
CR
950
950
Cash
720
Accounts Receivable – RDA Electronics
720
To record credit sales to RDA Electronics
issuer.
Sales increase by providing purchase options to the customer.
The risks of extending credit are transferred to the credit
card issuer.
McGraw-Hill/Irwin
Cash collections are quicker.
Slide 6
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CREDIT CARD SALES
With bank credit cards, the seller
deposits the credit card receipt in the bank just like it deposits a customer’s check.