Name: ________________________________________ Date: ____________________ Period: _____Accounting IChapter 10: Journalizing Sales and Cash Receipts Using Special JournalsObjectives:What you will learn in this chapter.1.Define accounting terms related to sales and cash receipts for a merchandising business.2.Identify accounting concepts and practices related to sales and cash receipts for a merchandising business.3.Journalize sales on account using a sales journal.4.Journalize cash receipts using a cash receipts journal5.Record sales returns and allowances using a general journal.Chapter Vocabulary:Terms you will need to know in this chapter.1.Customer2.Sales Tax3.Sales Journal4.Cash Sale5.Credit Card Sale6.Point-of-Sale (POS) Terminal7.Terminal Summary8.Batch Report9.Batching Out10. Cash Receipts Journal11. Sales Discount12. Sales Return13. Sales Allowance14. Credit MemorandumChapter Outline:An outline of the key concepts in this chapter.I. Lesson 10.1 – Journalizing Purchases Using a Purchases JournalA. Sales Tax1. Two major activities of a merchandising business…a. _________________________________________________b. _________________________________________________2. ______________________________ – a person or business to whom merchandise or services are sold.3. ______________________________ – a tax on a sale of merchandise or services.
Name: ________________________________________ Date: ____________________ Period: _____4. The amount of sales tax collected is a business liability until paid to the government.5. ______________________________ – liability account with normal balance of a creditB. Sales of Merchandise on Account1. The accounting concept _________________________________________ is applied when revenue is recorded at the time goods or services were sold.2. ______________________________ – sale for which cash will be received at a later date.3. Accounts Receivable is an ____________________ account with normal balance of a ____________________.