© 2014 Cengage Learning. All Rights Reserved.. LO. 6. . Analyze and record transactions that affect owner’s equity.. LO. 7 . Analyze and record sales and receipt of cash on account.. Received Cash from Sales. ID: 256686
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Learning Objectives
© 2014 Cengage Learning. All Rights Reserved.
LO
6 Analyze and record transactions that affect owner’s equity.LO7 Analyze and record sales and receipt of cash on account.
Slide2Received Cash from Sales
SLIDE 2
LO6
Lesson 3-3
January 10. Received cash from sales, $1,100.00. Calculator Tape No. 10.
Cash
1,100.00
Sales
1,100.00
2.
Write the title of the account debited in the Account Title column. Write the debit amount in the Debit column.
1.
Write the date in the Date column.
3.
On the next line, indented about one centimeter, write the title of the account credited in the Account Title column. Write the credit amount in the Credit column.
4.
Write the source document number in the Doc. No. column.
1
Date
4
Source Document
2
Debit
Credit
3
Slide3Source Document
4
Sold Services on Account
SLIDE
3
January 12. Sold services on account to Main Street Services, $500.00. Sales Invoice No. 1.
500.00
Accounts Rec.—Main Street Services
LO7
Lesson 3-3
2.
Write the abbreviated title of the account debited in the Account Title column. Write the debit amount in the Debit column.
1.
Write the date in the Date column.
3.
On the next line, indented about one centimeter, write the title of the account credited in the Account Title column. Write the credit amount in the Credit column.
4.
Write the source document number in the Doc. No. column.
1
Date
2
Debit
Credit
3
500.00
Sales
Slide44
Source Document
Paid Cash for an Expense
SLIDE
4
January 12. Paid cash for communications bill including cell phone and Internet service, $80.00. Check No. 4.
80.00
Communications Expense
Cash
80.00
LO7
Lesson 3-3
2.
Write the title of the account debited. Write the debit amount.
1.
Write the date in the Date column.
3.
On the next line, write the title of the account credited. Write the credit amount.
4.
Write the source document number in the Doc. No. column.
1
Date
2
Debit
Credit
3
Slide5Paid Cash for an Expense
SLIDE
5
January 15. Paid cash for equipment rental, $400.00. Check No. 5.
400.00
Equipment Rental Expense
Cash
400.00
LO7
Lesson 3-3
4
Source Document
2.
Write the title of the account debited. Write the debit amount.
1.
Write the date in the Date column.
3.
On the next line, write the title of the account credited. Write the credit amount.
4.
Write the source document number in the Doc. No. column.
1
Date
2
Debit
Credit
3
Slide6January 16. Received cash on account from Main Street Services, $200.00. Receipt No. 2.
Received Cash on Account
SLIDE 6
Cash
200.00
Accts Rec.—Main Street Services
200.00
LO7
Lesson 3-3
2.
Write the title of the account debited. Write the debit amount.
1.
Write the date in the Date column.
3.
On the next line, indented about one centimeter, write the title of the account credited. Write the credit amount.
4.
Write the source document number in the Doc. No. column.
1
Date
2
Debit
Credit
3
4
Source
Document
Slide74
Source
Document
Paid Cash to Owner as
Withdrawal of Equity
SLIDE
7
January 16. Paid cash to owner for a withdrawal of equity, $350.00. Check No. 6.
350.00
Michael Delgado, Drawing
Cash
350.00
LO7
Lesson 3-3
2.
Write the title of the account debited. Write the debit amount.
1.
Write the date in the Date column.
3.
On the next line, indented about one centimeter, write the title of the account credited. Write the credit amount.
4.
Write the source document number in the Doc. No. column.
1
Date
2
Debit
Credit
3
Slide8Lesson 3-3 Audit Your Understanding
1. When cash is received from sales, which account is listed on the first line of the entry?
SLIDE 8
ANSWER
Cash
Lesson 3-3
Slide9Lesson 3-3 Audit Your Understanding
2. When cash is received from sales, which account is listed on the second line of the entry?
SLIDE 9
ANSWER
Sales
Lesson 3-3
Slide10Lesson 3-3 Audit Your Understanding
3. When services are sold on account, which account is listed on the second line of the entry?
SLIDE 10
ANSWER
Sales
Lesson 3-3
Slide11Lesson 3-3 Audit Your Understanding
4. When cash is paid for any reason, what abbreviation is used for the source document?
SLIDE 11
ANSWER
C (for check)
Lesson 3-3
Slide12Lesson 3-3 Audit Your Understanding
5. When cash is received on account, what abbreviation is used for the source document?
SLIDE 12
ANSWER
R (for receipt)
Lesson 3-3
Slide13Slide14Slide15Slide16Slide17Slide18
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