Study
Guide
10
Name Perfect
Score
Your
Score
Identifying Accounting Terms 13 Pts.
Analyzing Accounting Concepts and Practices 20 Pts.
Analyzing Transactions Recorded in Special Journals 12 Pts.
Total 45 Pts.
Part One—Identifying Accounting Terms
Directions: Select the one term in Column I that best fits each definition in
Column II. Print the letter identifying your choice in the Answers column.
Answers
1.
2.
7.
8.
9.
10.
Column I
A. accounts receivable
ledger
B. batch report
G. point-of-sale (POS)
terminal
H. sales discount
I. sales journal
J. sales tax
Column II
1. The amount a business receives from the sale of an item of
merchandise. (p. 284)
2. The amount a business adds to the cost of merchandise
7. A specialized computer used to collect, store, and report
all the information about a sales transaction. (p. 294)
8. The report that summarizes the cash and credit card
sales of a point-of-sale terminal. (p. 294)
9. A report of credit card sales produced by a point-of-sale
terminal. (p. 295)
10. The process of preparing a batch report from a
point-of-sale terminal. (p. 295)
L
F
G
M
B
C
Part Two—Analyzing Accounting Concepts and Practices
Directions: Place a T for True or an F for False in the Answers column to show
whether each of the following statements is true or false.
1. Regardless of when payment is received, the revenue should be recorded when a sale is
made, not on the date cash is received. (p. 284)
2. The accounts receivable ledger form is based on the general ledger form and contains the
same columns, except the Credit balance amount column. (p. 286)
6. Only the federal government can exempt from sales taxes some types of merchandise or
sales to certain types of customers. (p. 286)
7. An invoice is a form that describes the goods or services sold, the quantity and the price, and
the terms of the sale. (p. 287)
8. The invoice used as a source document for recording a sale on account is often referred to
as a sales invoice, a sales ticket, or a sales slip. (p. 287)
9. While the seller considers an invoice for a sale on account to be a sales invoice, the same
invoice is considered by the customer to be a purchase invoice. (p. 287)
10. Credit card and debit card sales are treated as cash sales because the business receives its
cash in a very short time. (p. 294)
11. A terminal summary is also known as a T tape. (p. 294)
12. A batch report can be detailed, showing every credit card sale. Or, the batch report can be
a summary, showing only the number and total of sales by credit card type. (p. 295)
13. Separate transactions are recorded for cash, credit card, and debit card totals listed on a
terminal summary. (p. 297)
14. Sales Tax Payable has a normal debit balance. (p. 297)
Answers
1.
2.
6.
7.
8.
9.
10.
11.
12.
13.
14.
T
T
F
T
T
T
T
F
T
F
F
Name Date Class
Part Three—Analyzing Transactions Recorded in Special
Journals
Directions: In Answers Column l, print the abbreviation for the journal in which
each transaction is to be recorded. In Answers Columns 2 and 3, print the letters
identifying the accounts to be debited and credited for each transaction. For
transactions affecting accounts receivable, be sure to also include the subsidiary
ledger account affected.
SJ—Sales journal; CRJ—Cash receipts journal
Answers
123
Account Titles Transactions Journal Debit Credit
A. Accounts Receivable 1-2-3. Sold merchandise on account to
Doris Edwards, plus sales tax. (p. 288)
1. 2. 3.
B. Cash 4-5-6. Recorded cash and credit card sales,
plus sales tax. (p. 297)
4. 5. 6.
SJ
CRJ
A, C
B
E, H
E, H
Across
2. A report of credit card sales produced by a point-
of-sale terminal.
3. A special journal used to record only cash receipt
transactions.
Down
1. The amount a business adds to the cost of
merchandise to establish the selling price.
2. The process of preparing a batch report from a
point-of-sale terminal.
2
3
5
4
2
3
5
4
B
A
T
C
H
ATCHREPO
ASHR ECEI
A
E
R
K
U
PTSJOURNAL
A
M
T
Name Date Class
10-1, 10-2, and 10-4 WORK TOGETHER, pp. 289, 293, and 309
10-1 Accounting for sales on account
10-2 Posting from a sales journal
10-4 Posting from a cash receipts journal
ACCOUNTS RECEIVABLE LEDGER
CUSTOMER Lenny Stanford CUSTOMER NO. 110
DATE ITEM POST.
REF. DEBIT CREDIT DEBIT
BALANCE
20–
Sept. 1 Balance ✔2 1 8 9 36
CUSTOMER Washington City Schools CUSTOMER NO. 130
DATE ITEM POST.
REF. DEBIT CREDIT DEBIT
BALANCE
20 – –
Sept. 1 Balance ✔1 5 0 9 45
2S9 1 6 9 6 00 3 8 8 5 36
3 CR9 2 1 8 9 36 1 6 9 6 00
6 S9 6 8 0 00 2 1 8 9 45
15 S9 1 8 4 9 00 4 0 3 8 45
28 CR9 1 5 0 9 45 2 5 2 9 00
10-2
10-4
10-2
10-4
10-2 and 10-4 WORK TOGETHER
Debit Credit
Column Title Totals Totals
Accounts Receivable Debit ………………….
Sales Credit …………………………..
Sales Tax Payable Credit ………………….
Totals ………………………………
ACCOUNT Cash ACCOUNT NO. 1110
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Sept. 1 Balance ✔11 4 8 6 16
30 CP9 9 4 8 4 24 2 0 0 1 92
ACCOUNT Sales Tax Payable ACCOUNT NO. 2120
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Sept. 1 Balance ✔2 4 8 4 18
ACCOUNT Sales Discount ACCOUNT NO. 4120
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Sept. 1 Balance ✔7 2 1 06
$6,938.60
$6,689.00
$6,938.60
$6,938.60
249.60
30 CR9 15 6 0 7 04 17 6 0 8 96
30 S9 2 4 9 60 2 7 3 3 78
30 CR9 6 1 8 74 3 3 5 2 52
10-2
10-4
10-4
30 CR9 5 1 60 7 7 2 66
10-4
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Name Date Class
10-3 and 10-4 WORK TOGETHER, p. 301, and 309
10-3 Accounting for cash and credit card sales
10-4 Posting from a cash receipts journal
CASH RECEIPTS JOURNAL PAGE
1234567
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF.
GENERAL ACCOUNTS
RECEIVABLE
CREDIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
SALES
DISCOUNT
DEBIT
CASH
DEBIT
DEBIT CREDIT
1 1
2 2
3 3
20–
Sept. 3Lenny Stanford R264 110 2 1 8 9 36 4 3 79 2 1 4 5 57
6✔TS38 ✔5 3 2 6 30 2 9 8 15 5 6 2 4 45
8 Venice Café R265 120 3 9 0 34 7 81 3 8 2 53
9
10-3
10-4
23148_ch10_hr_239-270.indd 245 1/18/18 1:20 AM
2.
Cash on hand at the beginning of the month
(Sept. 1 balance of general ledger Cash account) ………………..
Plus total cash received during the month
(Cash Debit column total, cash receipts journal) ………………..
3.
6.
10-4 WORK TOGETHER (concluded)
Column Title
Debit
Totals
Credit
Totals
General Debit …………………………….
General Credit ……………………………
Accounts Receivable Credit ………………….
$ 4,089.15
$11,486.16
15,607.04
Classic Appliances
Schedule of Accounts Receivable
September 30, 20–
Lenny Stanford 1 6 9 6 00
Venice Café 2 7 1 3 60
CUSTOMER FJT Plumbing CUSTOMER NO. 120
DATE ITEM POST.
REF. DEBIT CREDIT DEBIT
BALANCE
20–
June 1 Balance ✔2 9 8 9 20
SALES JOURNAL PAGE
1 2 3
DATE ACCOUNT DEBITED SALE.
NO.
POST.
REF.
ACCOUNTS
RECEIVABLE
DEBIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
1 1
2 2
3 3
4 4
5 5
6 6
Name Date Class
10-1, 10-2, and 10-4 ON YOUR OWN, pp. 289, 293, and 309
10-1 Accounting for sales on account
10-2 Posting from a sales journal
10-4 Posting from a cash receipts journal
ACCOUNTS RECEIVABLE LEDGER
9S6 2 8 0 90 3 2 7 0 10
16 S6 3 6 8 8 80 6 9 5 8 90
7CR6 2 9 8 9 20 3 9 6 9 70
20–
June 2 Kelly Diller 340 110 7 9 5 00 7 5 0 00 4 5 00
9 FJT Plumbing 341 120 2 8 0 90 2 6 5 00 1 5 90
14 Roberts College 342 130 6 9 2 00 6 9 2 00
16 FJT Plumbing 343 120 3 6 8 8 80 3 4 8 0 00 2 0 8 80
30 Totals 5 4 5 6 70 5 1 8 7 00 2 6 9 70
6
10-2
10-4
10-2
10-1
(1130) (4110) (2120)
10-2 and 10-4 ON YOUR OWN
Debit Credit
Column Title Totals Totals
Accounts Receivable Debit ………………….
Sales Credit …………………………..
Sales Tax Payable Credit ………………….
Totals ………………………………
ACCOUNT Accounts Receivable ACCOUNT NO. 1130
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 1 Balance ✔3 5 5 5 80
ACCOUNT Sales ACCOUNT NO. 4110
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 1 Balance ✔94 8 1 8 25
$5,456.70
$5,187.00
$5,456.70$5,456.70
269.70
30 S6 5 4 5 6 70 9 0 1 2 50
30 CR6 3 5 5 5 80 5 4 5 6 70
30 S6 5 1 8 7 00 100 0 0 5 25
30 CR6 6 4 0 8 30 106 4 1 3 55
10-2
10-4
10-2
10-4
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
CASH RECEIPTS JOURNAL PAGE
1234567
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF.
GENERAL ACCOUNTS
RECEIVABLE
CREDIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
SALES
DISCOUNT
DEBIT
CASH
DEBIT
DEBIT CREDIT
1 1
2 2
3 3
10-3 Accounting for cash and credit card sales
10-4 Posting from a cash receipts journal
Name Date Class
10-3 and 10-4 ON YOUR OWN, p. 301, and 309
20–
June 3Kelly Diller R408 110 1 8 5 00 3 70 1 8 1 30
5✔TS23 ✔2 5 8 3 00 1 5 4 98 2 7 3 7 98
7 FJT Plumbing R409 120 2 9 8 9 20 5 9 78 2 9 2 9 42
6
10-3
23148_ch10_hr_239-270.indd 249 1/18/18 1:20 AM
Column Title
Debit
Totals
Credit
Totals
General Debit …………………………….
General Credit ……………………………
Accounts Receivable Credit ………………….
2.
Cash on hand at the beginning of the month
(June 1 balance of general ledger Cash account) ………………..
Plus total cash received during the month
(Cash Debit column total, cash receipts journal) ………………..
Equal total………………………………………………
3.
6.
10-4 ON YOUR OWN (concluded)
$ 3,555.80
$ 8,617.01
10,285.12
$18,902.13
Johnston Supplies
Schedule of Accounts Receivable
June 30, 20–
Kelly Diller 7 9 5 00
FJT Plumbing 3 9 6 9 70
Total Accounts Receivable 5 4 5 6 70
Name Date Class
10-1, 10-2, and 10-4 APPLICATION PROBLEMS (LO2, 3, 6, 7), pp. 313 and 314
10-1 Journalizing sales on account
10-2 Posting from a sales journal
10-4 Posting from a cash receipts journal
SALES JOURNAL PAGE
234
DATE ACCOUNT DEBITED SALE
NO.
POST.
REF.
ACCOUNTS
RECEIVABLE
DEBIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
1 1
2 2
3 3
20—
Nov. 2Paulson Medical Clinic 589 140 2 1 7 1 94 2 0 4 9 00 1 2 2 94
4 Central Medical Clinic 590 110 7 3 5 64 6 9 4 00 4 1 64
7 Mason College 591 130 1 6 4 8 00 1 6 4 8 00
11
10-1
10-2 and 10-4 APPLICATION PROBLEMS (LO3, 6, 7), pp. 313 and 314
10-2 Posting from a sales journal
10-4 Posting from a cash receipts journal
ACCOUNTS RECEIVABLE LEDGER
CUSTOMER Central Medical Clinic CUSTOMER NO. 110
DATE ITEM POST.
REF. DEBIT CREDIT DEBIT
BALANCE
20–
Nov. 1 Balance ✔1 6 4 8 96
CUSTOMER Mason College CUSTOMER NO. 130
DATE ITEM POST.
REF. DEBIT CREDIT DEBIT
BALANCE
20–
Nov. 1 Balance ✔6 7 9 19
CUSTOMER Trannon Emergency Center CUSTOMER NO. 150
DATE ITEM POST.
REF. DEBIT CREDIT DEBIT
BALANCE
20–
Nov. 1 Balance ✔2 1 8 4 14
4S11 7 3 5 64 2 3 8 4 60
25 S11 3 6 9 0 92 6 0 7 5 52
28 CR11 1 6 4 8 96 4 4 2 6 56
7S11 1 6 4 8 00 2 3 2 7 19
8 CR11 6 7 9 19 1 6 4 8 00
10-2
10-4
10-2
10-4
9S11 8 7 7 68 3 0 6 1 82
16 CR11 2 1 8 4 14 8 7 7 68
10-2
10-4
Chapter 10 Accounting for Sales and Cash Receipts • 253
Name Date Class
10-2 and 10-4 APPLICATION PROBLEMS
Column Title
Debit
Totals
Credit
Totals
Accounts Receivable Debit …………………..
Sales Credit ………………………………
Sales Tax Payable Credit …………………….
Totals …………………………………..
GENERAL LEDGER
ACCOUNT Cash ACCOUNT NO. 1110
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Nov. 1 Balance ✔16 4 8 9 36
30 CP11 14 4 7 4 63 2 0 1 4 73
ACCOUNT Sales Tax Payable ACCOUNT NO. 2120
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Nov. 1 Balance ✔9 4 5 18
ACCOUNT Sales Discount ACCOUNT NO. 4120
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Nov. 1 Balance ✔4 1 8 19
$11,189.06
$10,649.00
540.06
$11,189.06 $11,189.06
10-2
10-4
10-4
30 CR11 15 8 6 7 62 17 8 8 2 35
30 S11 5 4 0 06 1 4 8 5 24
30 CR11 5 5 7 70 2 0 4 2 94
30 CR11 4 4 52 4 6 2 71
10-4
23148_ch10_hr_239-270.indd 253 1/18/18 1:20 AM
254 • Working Papers
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
10-3 and 10-4 APPLICATION PROBLEMS (LO4, 5, 6, 7), p. 314
CASH RECEIPTS JOURNAL PAGE
1234567
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF.
GENERAL ACCOUNTS
RECEIVABLE
CREDIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
SALES
DISCOUNT
DEBIT
CASH
DEBIT
DEBIT CREDIT
1 1
2 2
3 3
4 4
10-3 Journalizing cash receipts
10-4 Posting from a cash receipts journal
TE
20–
Nov. 6Paulson Medical Clinic R568 140 1 5 4 7 15 3 0 94 1 5 1 6 21
7✔TS41 ✔3 4 8 0 00 2 0 8 80 3 6 8 8 80
8 Mason College R569 130 6 7 9 19 1 3 58 6 6 5 61
14 ✔TS42 ✔2 9 4 0 00 1 7 6 40 3 1 1 6 40
11
10-3
10-4
23148_ch10_hr_239-270.indd 254 1/18/18 1:20 AM