Kế toán, kiểm toán - Chapter fifteen: The sales journal

CHAPTER FIFTEENTHE SALES JOURNAL1. Record sales of merchandise on credit in a sales journal.2. Total, prove, and rule the sales journal.3. Post from the sales journal.THE SALES JOURNALChapter Outcomes:3Recording Transactions in the Sales JournalOne way to reduce the repetition in journalizing and posting is to have a special journal for all sales of merchandise on credit.This special journal is called a sales journal.4Advantages to using the Sales JournalAll entries for sales of merchandise on credit are grouped in one place.Important facts about each transaction are written on a single line.5Advantages to using the Sales Journal (continued)There is no need to enter account titles or to write a long explanation for each transaction.The Sales Journal allows for great division of labor–one person can be put in charge of entering sales.6Posting From the Sales JournalPosting is simplified using the Sales journal.Money columns are pencil-footed and the totals are posted to the appropriate accounts.7Posting From the Sales Journal (continued)The single posting to each account saves time and reduces the possibility of error.8Accounting TerminologyCross-footingPosting reference SSales journalSpecial journal9Chapter SummaryThe sales journal is a special journal that is used for recording sales of merchandise on credit. It allows a business to save time and avoid repetition in the journalizing and posting of its credit sales.10Chapter Summary (continued)The Sales Journal organizes, in one place, all the information about credit sales. The columns further organize all the information for one transaction on a single line.The information needed for entries in the sales journal is taken from copies of the sales invoices or from copies of the sales slips.11Chapter Summary (continued)At the end of the month, the figures in the sales journal are added. The column totals are posted to the general ledger as a debit to the Accounts Receivable account, a credit to the Sales Tax Payable account, and a credit to the Sales account.12Chapter Summary (continued)Cross-footing is the process of checking the accuracy of column totals.13Chapter Summary (continued)The form of the journal can be tailored to meet the individual needs of each business.14 Investigating on the InternetAs a research assignment, access the web site for MAB® paints and report the sources of information that might concern sales of merchandise.151. The sales journal is a special journal that is used for recording sales of merchandise on credit.2. The sales journal form can be modified to meet the needs of each business. 3. An advantage for using a sales journal is that there is no need to enter account titles or to write long explanations of each transaction.Topic QuizAnswer the following true/false questions:TRUETRUETRUE16