tailieunhanh - Lecture Accounting fundamentas (7e): Chapter 17 - Curran

Chapter 17 - The cash receipts journal. After completing this chapter, students will be able to: Record transactions in a cash receipts journal; total, prove, and rule the cash receipts journal; post from the cash receipts journal; record bank credit card sales. | CHAPTER SEVENTEEN THE CASH RECEIPTS JOURNAL 1. Record transactions in a cash receipts journal. 2. Total, prove, and rule the cash receipts journal. 3. Post from the cash receipts journal. 4. Record bank credit card sales. THE CASH RECEIPTS JOURNAL Objectives: 17- Advantages to using the Cash Receipts Journal All entries for the receipt of cash are grouped in one place. Important facts about each transaction are written on a single line. There is limited need to enter account titles or long explanations. 17- Advantages to using the Cash Receipts Journal (continued) The cash receipts journal allows for great division of labor -- one person can be put in charge of entering cash receipts. However, more than one person should be responsible to verifying cash transactions. 17- Setting Up a Cash Receipts Journal This special journal is used to record only receipts of cash. 17- Setting Up a Cash Receipts Journal (continued) The cash receipts journal has six money columns. . | CHAPTER SEVENTEEN THE CASH RECEIPTS JOURNAL 1. Record transactions in a cash receipts journal. 2. Total, prove, and rule the cash receipts journal. 3. Post from the cash receipts journal. 4. Record bank credit card sales. THE CASH RECEIPTS JOURNAL Objectives: 17- Advantages to using the Cash Receipts Journal All entries for the receipt of cash are grouped in one place. Important facts about each transaction are written on a single line. There is limited need to enter account titles or long explanations. 17- Advantages to using the Cash Receipts Journal (continued) The cash receipts journal allows for great division of labor -- one person can be put in charge of entering cash receipts. However, more than one person should be responsible to verifying cash transactions. 17- Setting Up a Cash Receipts Journal This special journal is used to record only receipts of cash. 17- Setting Up a Cash Receipts Journal (continued) The cash receipts journal has six money columns. All debits are entered in the last two money columns. The sales discount debit column is used to record sales discounts taken by credit customers who are paying invoices with the discount period. 17- Setting Up a Cash Receipts Journal (contiued) The Cash Debit column is used to record the amount of cash received in each transaction. 17- Setting Up a Cash Receipts Journal (continued) The credits section of the cash receipts journal contains four money columns. The Accounts Receivable Credit column is used to record amounts that credit customers are paying on account. 17- Setting Up a Cash Receipts Journal (continued) The Sales Tax Payable Credit column is used to record the sales tax received from cash sales. The Sales Credit column is used to record the amounts received from cash sales. 17- Setting Up a Cash Receipts Journal (continued) The last money column in the credits section -- Other Accounts -- is used to record the credit entries for cash received from sources .