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Journalizing Sales and Cash Receipts

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Introduction of an expanded 11 column journal for a partnership set up as a merchandising business. Introduction of what a partnership is consisted of and the advantages and disadvantages of a partnership. Introduction of what a merchandising business is, the cost of merchandise, mark up, vendors, invoices, and terms of sale. Introduction of the need for an 11 column journal and how to journalize purchasing merchandise for cash, purchasing merchandise on account and reviewing buying supplies for cash, buying supplies on account, paying cash for expenses, and paying cash to the different partners for their personal use.

A	B
Customer	A person of business to whom merchandise or services are sold.
Sales tax	A tax on a sale of merchandize or services.
Cash sale	A sale in which cash is received for the total amount of the sale at the time of the transaction.
Credit card sale	A sale in which a credit card is used for the total amount of the sale at the time of the transaction.
Sale on account	A sale for which cash will be received at a later date.
Sales invoice	An invoice used as a source document for recording a sale on account.
Cash and Credit Card Sales	Cash - Debit, Sales - Credit, Sales Tax Payable - Credit
Sales on Account	A/R - Debit, Sales - Credit, Sales Tax Payable - Credit
Cash Receipt on Account	Cash - Debit, A/R - Credit

Ray Eaton

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