[经济学]FACH06.ppt

Accounting for Sales 张 娟 zhangjuan@tf-swufe.net Objectives Account for cash and credit sales, record sales returns and allowances. Prepare a bank reconciliation. Explain the gross method to account for cash discounts. Estimate and record bad debts using a percentage of sales, percentage of A/R. Estimate and record bad debts using an aging analysis. Account for short-term notes receivable. Revenue is measured in terms of the cash equivalent value of the asset received. Journal entries to record sales: Cash xxxx Sales revenue xxxx OR Accounts receivable xxxx Sales revenue xxxx Deposits in transit: a cash receipt added to the company’s cash balance but not yet added to the balance reported on the bank statement. Charges Made Directly by the bank: charges may be deducted from the company’s cash balance on the bank statement but the company may not have deducted them from its cash balance. NSF: (not sufficient funds) is used for a customer’s check that a company has deposited in its bank account but has not yet been paid by the customer’s bank because there are insufficient funds in the customer’s account. Errors Example Craig Corporation on June 30, 2004, Cash balance from bank statement is $12,461.15; cash balance from company records is $12,437.94. The bank statement disclosed the following information: 1. A customer note for $1,200 plus $12 interest was collected on June 29. 2. A customer check for $138.14 was returned because of insufficient funds (NSF check). 3. the monthly service charge was $15. The review of the company records disclosed the following: 1. A deposit for $1,142.87 at the end of the day on June 30 did not appear on the bank statement. 2. Customer checks totaling $327.40 were on hand at the end of June awaiting deposit. 3. the following company checks were outstanding at the end of June: ﹟862 $96.19 ﹟864 147.18 ﹟865 263.25 4. check ﹟843, written for $91.20 in payment of a