Ent-Financial Record Keeping

• Entrepreneurship
• Secondary Education

What is chart of accounts?

Chapter 20.1

Financial Record Keeping

Pages 462-470

Objectives

Summarize the cash and accrual basis of income.

Analyze the special journals

Prepare the summary of sales and cash receipt

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What is the difference between cash and accrual basis of a transaction?

Why do businesses carry on the business mostly on accrual basis?

Which kind of transaction record your income when it is received and
your expenses when they are paid?

1. Accrual Basis
2. Accruals
3. Special Payment
4. Cash basis

Special Journals

If a business gets larger, it may find that using one journal is not

sufficient to keep track of all its transactions. 

The business can then set up separate journals, called special journals, which record specific types of transactions.

Record the journal entry for the given transactions.Also mention the name of the journal you will be using.
1.Purchase of equipment for check 101 paying $450
2.Sale of goods for $500 and received check 205.

Why are special journals required to record the transactions?

Use the information provided here to prepare a Summary of Sales and cash receipt

Cash receipts                                                                     

 Opening cash/ Petty cash Fund

 Petty Cash Slips:$30.55,Coins and Bills:79.45,Petty cash Fund:$100.00

Cash Sales  : $2167.85                                                     Credit sales:     $450.00                                                                         

Collection on account :170.69

Miscellaneous receipts:70.63

Cash on Hand                                                      

Cash in Register

Coins : $76.00

Bills: $790.00

Checks:$1638.85

Answer for the above question here. You can use a word document to give the answer.

Where on the summary are the daily sales totaled?

1. Cash receipts
2. Sales
3. Cash on Hand
4. Petty cash fund

The amount for Total
Cash Deposit must agree with the amount for Total Cash Receipts.If the amounts are not equal,what should you do?

What are the main points of the lesson?