Recording Departmental Sales and Cash Receipts

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Chapter 2

• Recording Departmental Sales and Cash Receipts

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Departmental Sales on Account
June 1 Sold golf equipment on account to Golden
Golf League, 280, plus sales tax 14.00 total,
294.00. Sales Invoice No. 101
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(No Transcript)
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Galaxy Tennis Club for tennis equipment returned,
130, plus sales tax, 6.50, from Sales Invoice
No. 100 total, 136.50. Credit Memorandum No.
43
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Journalizing and Posting Cash Receipts
Received cash on account from Par golf Club,
1749.30, covering Sales Invoice No. 96 for golf
equipment for 1,785.00. (1,700 plus tax,
85.00), less 2 discount, 34.00, and less sales
tax, 1.70. Receipt No. 89.
Sales Invoice Amount x Sales Discount Rate
Sales Discount 1700 2 34.00
Sales Discount x Sales Tax
Rate Sales Tax Reduction 34.00 5
1.70
Total Invoiced Amount - Sales Discount
Sales Tax Reduction Cash Received
1,785 34.00 - 1.70
1749.30
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Journalizing a cash receipt with a sales return
and sales discount
June 8 Received cash on account from Eastside
Sport Center, 437.32, covering Sales Invoice No.
97 for 525 (500 plus sales tax, 25.00) less
Credit Memorandum No. 42 for 78.75 (75.00 plus
sales tax, 3.75) , less 2 discount, 8.50, and
less sales tax, , .43. Receipt No. 92
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Journalizing Cash and Credit Card Sales
June 11 Recorded Cash and credit card sales, golf
equipment, 4370 tennis equipment 6280 plus
sales tax, 532.50 total, 11,182.50. Cash
register tape no. 11
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Posting from the Cash receipts journal.

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