Cash Receipts, Cash Payments, and Banking Procedures
9-1
Chapter
9
Cash Receipts, Cash Payments, and Banking Procedures
Section 1: Cash Receipts
Section Objectives
1. Record cash receipts in a cash receipts journal. 2. Account for cash short or over. 3. Post from the cash receipts journal to subsidiary
and general ledgers.
McGraw-Hill
? 2009 The McGraw-Hill Companies, Inc. All rights reserved.
The type of cash receipts depends on the nature of the business.
Supermarkets receive checks as well as currency and coins.
Department stores receive checks in the mail from charge account customers.
Wholesalers usually receive cash in the form of checks.
9-3
Objective 1
Record cash receipts in a cash receipts journal
The cash receipts journal has separate columns for accounts that are frequently used.
DATE
CASH RECEIPTS JOURNAL
PAGE 1
DESCRIPTION POST. REF.
ACCOUNTS RECEIVABLE
CREDIT
SALES TAX PAYABLE CREDIT
SALES CREDIT
OTHER ACCOUNTS CREDIT ACCOUNT NAME POST. AMOUNT
REF.
CASH DEBIT
Debits to Cash
9-4
At the end of the month, the totals of all these columns are posted to the general ledger.
DATE
CASH RECEIPTS JOURNAL
PAGE 1
DESCRIPTION POST. REF.
ACCOUNTS SALES TAX SALES
RECEIVABLE PAYABLE CREDIT
CREDIT
CREDIT
OTHER ACCOUNTS CREDIT ACCOUNT NAME POST. AMOUNT
REF.
CASH DEBIT
9-5
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