财务会计英语unit-5.pptVIP

5.11 Leno gas station has credit card sales of $3,850 on MasterCard. The service charge is 4%. Journalize the transaction for Leno. Cash 3696 Credit Card Service Charge 154 Sales 3850 To record MasterCard sales Exercises 5.12 On September 20, Gerard Company sold merchandise for $1,650 on account on terms 2/10, 1/20, n/30. Two days later the customer returned defective goods of $50. Over a week later the customer paid for the account outstanding. Journalize and post the transactions for Gerard. Exercises Sept. 20 Sept. 22 Sept. 29 Accounts Receivable 1650 Sales Revenue 1650 Sales Returns 50 Accounts Receivable 50 Cash 1568 Sales Discounts 32 Accounts Receivable 1600 Exercises Sept. 29 1568 Sept. 20 1650 22 29 50 1600 Sept. 20 1650 Sept.22 50 Sept. 29 32 Exercises Relevant Terms relevant terms Financial Accounting English(Second Edition) 选择=结果 汇报结束 谢谢观看！ 欢迎提出您的宝贵意见！ Financial Accounting English (Second Edition) LOGO Revenue Unit 5 Financial Accounting English (Second Edition) Contents Section 1 Basic Concepts Relating to Revenue Recognition Section 2 Accounting for Revenue Section 1 Basic Concepts Relating to Revenue Recognition 1.1 Accrual basis of accounting and cash basis accounting (权责发生制和现金收付制会计) Revenue is recognized when earned, regardless of when cash is actually received. And expense is matched to the revenue, regardless of when cash is actually paid out. 1.2 Revenue recognition (收入的确认) The money received is not necessarily the revenue. Sometimes it’s a liability called unearned revenue, like rent or insurance on property which are often paid in advance. And there is accounts receivable which represents sales made on credit. the third example is accrued revenu