Accounting_Ch10_Outline - Name Date Period Accounting I Chapter 10 Journalizing Sales and Cash Receipts Using Special Journals Objectives What you will

Accounting_Ch10_Outline - Name Date Period Accounting I...

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Name: ________________________________________ Date: ____________________ Period: _____ Accounting I Chapter 10: Journalizing Sales and Cash Receipts Using Special Journals Objectives: 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. Customer 2. Sales Tax 3. Sales Journal 4. Cash Sale 5. Credit Card Sale 6. Point-of-Sale (POS) Terminal 7. Terminal Summary 8. Batch Report 9. Batching Out 10. Cash Receipts Journal 11. Sales Discount 12. Sales Return 13. Sales Allowance 14. Credit Memorandum Chapter Outline: An outline of the key concepts in this chapter. I. Lesson 10.1 – Journalizing Purchases Using a Purchases Journal A. Sales Tax 1. 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 ____________________.

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