基础会计(英文版)(第二版)Chapter05 Sales and Sales Journal
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Merchandise inventory:a stock of goods that a merchandising business acquires and keeps on hand for resale to its customers in its normal operations.
= the balances of the charge customer
Follow the process
The Accounting Equation of a Merchandising Business
Revenue from the sales of goods under the Sales account
Merchandise: goods acquired by a merchandising business for resale to its customers in the same physical condition.
Now let’s suppose that in the first month of business, Guangli Furniture Store completed the following credit
Sales Tax
Sales tax payable: Value added tax: A charge on taxable
posts the total of the credit sales from the sales journal to the general ledger by debiting the Accounts Receivable (controlling) account and crediting the Sales account.
1. Special Journals: Sales Journal ----- sales on credit Purchases Journal ----- purchase on credit Cash receipts Journal -------all cash receipts Cash payments Journal---all cash payments 2. General journal (J)
Prepare a schedule of accounts receivable
Listing individual balances of all the charge customer accounts
Accounts Receivable (controlling) account in the general ledger
基础会计(英文版)(第二版)Chapter05 Sales and Sales Journal
Leabharlann Baidu
Lead-in
Chapter One to Chapter Four: basic accounting concepts and procedures
of a service-type sole proprietorship
Sales Returns and Allowances
Special Journals
Special journals are those journals in which the specialized types of transactions are recorded.
Special Journals: Sales journal(S) Purchases journal(P) Cash receipts journal(CR) Cash payments journal(CP)
Now, accounting practice of a merchandising sole proprietorship
Example context
Mr Li decides to extend his business to the sale of merchandise and thus opens a store called Guangli Furniture Store, which sells furniture and fixtures.
Accounts receivable ledger: the charge customers and their
respective balance controlling account subsidiary ledger
Posting from the Sales Journal
Check mark (√) is put in the Posting Reference column
supplies of goods and services by a taxable person in the course or furtherance of a business.
The Accounts Receivable Ledger
Practical: to maintain a separate account for each charge customer.
The Sales Journal
Sales journal is used to record sales of merchandise on credit only
Since the money column is headed Accounts Receivable Dr and Sales Cr, a single line is sufficient to record a transaction, whereas at least three lines are needed in the general journal (debit, credit, and explanation).
= the balances of the charge customer
Follow the process
The Accounting Equation of a Merchandising Business
Revenue from the sales of goods under the Sales account
Merchandise: goods acquired by a merchandising business for resale to its customers in the same physical condition.
Now let’s suppose that in the first month of business, Guangli Furniture Store completed the following credit
Sales Tax
Sales tax payable: Value added tax: A charge on taxable
posts the total of the credit sales from the sales journal to the general ledger by debiting the Accounts Receivable (controlling) account and crediting the Sales account.
1. Special Journals: Sales Journal ----- sales on credit Purchases Journal ----- purchase on credit Cash receipts Journal -------all cash receipts Cash payments Journal---all cash payments 2. General journal (J)
Prepare a schedule of accounts receivable
Listing individual balances of all the charge customer accounts
Accounts Receivable (controlling) account in the general ledger
基础会计(英文版)(第二版)Chapter05 Sales and Sales Journal
Leabharlann Baidu
Lead-in
Chapter One to Chapter Four: basic accounting concepts and procedures
of a service-type sole proprietorship
Sales Returns and Allowances
Special Journals
Special journals are those journals in which the specialized types of transactions are recorded.
Special Journals: Sales journal(S) Purchases journal(P) Cash receipts journal(CR) Cash payments journal(CP)
Now, accounting practice of a merchandising sole proprietorship
Example context
Mr Li decides to extend his business to the sale of merchandise and thus opens a store called Guangli Furniture Store, which sells furniture and fixtures.
Accounts receivable ledger: the charge customers and their
respective balance controlling account subsidiary ledger
Posting from the Sales Journal
Check mark (√) is put in the Posting Reference column
supplies of goods and services by a taxable person in the course or furtherance of a business.
The Accounts Receivable Ledger
Practical: to maintain a separate account for each charge customer.
The Sales Journal
Sales journal is used to record sales of merchandise on credit only
Since the money column is headed Accounts Receivable Dr and Sales Cr, a single line is sufficient to record a transaction, whereas at least three lines are needed in the general journal (debit, credit, and explanation).