Cash Receipts, Cash Payments, and Banking …
[Pages:42]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
Cash Sales and Sales Taxes
Consider the cash sales entries for January 8 in the cash receipts journal for The Style Shop.
9-6
Recording of Cash Sales
CASH RECEIPTS JOURNAL
PAGE 1
DESCRIPTION
POST. REF.
ACCOUNTS RECEIVABLE
CREDIT
SALES TAX SALES
PAYABLE CREDIT
CREDIT
OTHER ACCOUNTS CREDIT ACCOUNT NAME POST. AMOUNT
REF.
CASH DEBIT
Roy Anderson
8 Cash Sales
432.00
360.00 4,500.00
432.00
4,860.00
Confirm that total credits equal total debits.
Consider the cash sales entries for January 8 in the cash receipts journal for
The Style Shop.
9-7
Objective 2 Account for Cash Short or Over
Occasionally errors occur when making change. When errors happen, the cash in the cash register is either more or less than the cash listed on the audit tape.
9-8
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- bank reconciliations credit memo pdf format
- chapter 2 questions multiple choice
- part 1 fiscal year 2021 reporting supplement section i u s
- 3 balancing accounts and the trial balance
- revised fall 2012 chapter 2 accounting for
- chapter 3 bank reconciliation statement
- cash receipts cash payments and banking
- what is a general ledger debits and credits
- discussion questions benedictine
- fa chapter 2 sm
Related searches
- calculating loan payments and interest
- car loan calculator payments and interest
- calculate loan payments and interest
- cash payments to employees rules
- tracking loan payments and balance
- late mortgage payments and credit
- cash receipts procedures manual
- cash receipts process narrative
- cash receipts policy and procedure
- tracking loan payments and balance excel
- student loan payments and taxes
- pension payments and social security