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A215 Class07 - Accounting 215 Chapter 5 ~ Receivables and...

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Accounting 215 Chapter 5 ~ Receivables and Sales January 29, 2013 We need to try to do the right thing every time, to perform our best, because we never know what moment in our lives we’ll be judged on.” --Captain Sully Sullenberger Administrative stuff Quiz 1 back tomorrow in quiz sections. Exam 1 information: - You do not need a bluebook or bubble sheet. - Bring a simple calculator...one that cannot input text. - How I create exams. - Review / Q&A session: This classroom. Wednesday night from 5:30 - 6:30. Flashback Quiz -- CH 4 On October 20, a customer purchases a watch from Timex for $100. The watch cost Timex $40. The customer pays with her Visa card. Visa charges a 2% processing fee for all credit card purchases. What are the journal entries that Timex will enter to record the sale of the watch? Date Ref # Accounts Debit Credit
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Flashback Quiz -- CH 4 On October 20, a customer purchases a watch from Timex for $100. The watch cost Timex $40. The customer pays with her Visa card. Visa charges a 2% processing fee for all credit card purchases. What are the journal entries that Timex will enter to record the sale of the watch? Date Ref # Accounts Debit Credit On December 31, Trek Company has a cash balance of $2,800. On the same day, Trek receives a statement from its bank. The statement shows a cash balance of $1,760. Use the following information to reconcile the two balances: Checks outstanding 1,000 Deposits outstanding 2,000 NSF check 50 Service Charge 10 Interest earned on savings account 20 Flashback Quiz -- CH 4 Flashback Quiz -- CH 4 Interpret the following journal entry. Date Ref # Accounts Debit Credit 1/28 1 Espresso pods Organic, raw sugar recycled cups biodegradable lids Petty cash 50 60 90 10 210
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Today’s Topics (Ch 5) SALES ACCOUNTS RECEIVABLE -What are sales? -How do we calculate “net” sales? --3 types of adjustments -Accounting for uncollectible accounts --2 methods -Estimating uncollectible accounts --2 methods -Writing off uncollectible accounts -Collecting a previously written off account -Analyzing accounts receivable NOTES RECEIVABLE -Accounting for notes receivable What are Sales? Sales means the EXACT same thing as revenues - SALES = REVENUES - REVENUES = SALES From Chapter 1... - Revenues are the amounts earned from selling products or services (for cash or on account) to customers. Sales: the journal entries we have covered so far Cash 1,000 Sales or Revenue 1,000 --OR-- Accounts receivable 1,000 Sales or Revenue 1,000 --OR-- Unearned revenue 1,000 Sales or Revenue 1,000 Recording Revenue / Sales
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A Hot Topic Project Updates Revenue Recognition—Joint Project of the FASB and IASB Last updated on December 21, 2012. Please refer to the
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