COMM 217 Chapter Notes - Chapter 6: Cash Flow, Bank Statement, Internal Control
13 Nov 2017
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** chapter 1-4 = 45% of marks** midterm. Remaining 3% is the fee charged for using this system. Net sales (reported on statement of earnings: on a journal entry: include that items sold cost: ,000, received by the company selling: cash (a) ,910: also credit card discount (r)(contra-account for revenue) because customer paid for goods using a credit card, given: sales revenue (r) ** this is a cash sale because customer is using a credit card from a credit card company** ** if the customer was using a credit card from the seller (like hudson bay or sears), it is a credit card receivable sale** Sales cash or discount: a cash discount offered to encourage fast payment of a trade account receivable. 980: journal entry: on january 6, deckers sold of merchandise on credit with terms of 2/10, n/30. Items sold cost 700: received: account receivable (a) 1000, given: sales revenue (r +se)
