TAILIEUCHUNG - Lecture College accounting (13/e): Chapter 7 - Price, Haddock, Farina

Chapter 7 - Accounting for sales and accounts receivable. After reading this chapter, you should be able to: Record credit sales in a sales journal, post from the sales journal to the general ledger accounts, post from the sales journal to the customers' accounts in the accounts receivable subsidiary ledger, record sales returns and allowances in the general journal, post sales returns and allowances,. | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Accounting for Sales and Accounts Receivable Section 1: Merchandise Sales Chapter 7 Section Objectives Record credit sales in a sales journal. Post from the sales journal to the general ledger accounts. Journals Used by Merchandising Businesses Sales Purchases Cash receipts Cash payments General To record sales of merchandise on credit To record purchases of merchandise on credit To record cash received from all sources Type of Journal Purpose To record all disbursements of cash To record all transactions that are not recorded in another special journal and all adjusting and closing entries Ledgers Used by Merchandising Businesses General Accounts receivable Accounts payable Assets, liabilities, owner’s equity, revenue, and expense accounts Accounts for credit customers Accounts for credit vendors/suppliers, and other creditors Type of Ledger Content SALES JOURNAL PAGE 1 SALES ACCOUNTS

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