[经管营销]Libby2ce_Ch 07——北美会计原理.pptVIP

Financial Accounting Robert Libby, Patricia A. Libby, Daniel G. Short, George Kanaan, Maureen Gowing Chapter 7 Accounting for Sales Revenue The revenue principle requires that revenues be recorded when earned: Reporting Net Sales Companies record sales discounts, sales returns and allowances, and credit card discounts separately to allow management to monitor these transactions. Credit Card Sales to Consumers Companies accept credit cards for several reasons: To increase sales. To avoid providing credit directly to customers. To avoid losses due to bad cheques. To receive payment quicker. Credit Card Sales to Consumers When credit card sales are made, the company must pay the credit card company a fee for the service it provides. Credit Card Sales to Consumers On January 2, a store had credit card sales of $3,000. The credit card company charges a 3% service fee. Prepare the journal entry to record these sales. Credit Card Sales to Consumers On January 2, a store had credit card sales of $3,000. The credit card company charges a 3% service fee. Prepare the journal entry to record these sales. Sales to Businesses on Account When companies allow customers to purchase merchandise on an open account, the customer promises to pay the company in the future for the purchase. Sales to Businesses on Account When customers purchase on open account, they may be offered a sales discount to encourage early payment. Sales to Businesses on Account Sales to Businesses on Account On January 6, Gildan sold $1,000 of merchandise on credit with terms of 2/10, n/30. Prepare the journal entry to record the sale. Sales to Businesses on Account On January 6, Gildan sold $1,000 of merchandise on credit with terms of 2/10, n/30. Prepare the journal entry to record the sale. Sales to Businesses on Account On January 14, Gildan receives the appropriate payment from the customer for the January 6 sale. Prepare the required journal entry. Sales to Busine