Lesson 23: Accounting for Cash and Credit Card Sales

What information is needed to record a cash or credit card sale in the cash receipts journal?
How do you distinguish between cash sales and credit card sales when recording transactions?
What information should be included when journalizing a cash receipt on account?
What is the process for posting cash receipts from the cash receipts journal to the accounts receivable subsidiary ledger?

cash sale, POS, terminal summary, batch report, batching out, cash receipts journal, sales discount, proving cash, accounts receivable ledger

CTE Business & Finance Technology
B. Accounting Principles: Identify and describe generally accepted accounting principles (GAAP/IFRS) and explain how the application of these principles impacts the recording of financial transactions and the preparation of financial statements.

12. Describe and record revenue-related transactions.

HS.CTE.2A - 2A. Recall and apply prior knowledge for intended purpose.

The SAT measures student proficiency in math reading, language, and writing. With strong scores, accounting students set themselves up for successful entry into accounting and finance programs.

Description: To understand the process of recording cash and credit card sales,

Purpose: examine the process of recording different types of sales transactions and make proper journal entries for cash and credit card sales, as well as cash receipts on account and post those transactions.

DOK 1
List the steps involved in recording cash and credit card sales in a cash receipts journal.

DOK 2:
Compare the entries made for cash sales and credit card sales in the cash receipts journal.
DOK 3:
Formulate a strategy to ensure accurate recording of cash and credit card sales to minimize discrepancies.

DOK 4:
Independent practice accounting concepts/transactions promote critical thinking and problem-solving in accounting. Helps identify areas where they excel or need improvement.

To highlight the importance of documentation and verification in maintaining accurate financial records

Errors in adding or subtracting amounts, leading to incorrect financial records is not important.

Sampling, modeling, one one instruction, Google classroom or Moodle. Paper or or online assignments, online instructional tools, videos, textbook or online textbook, excel real world application of information, Spanish version available for ELL students

Guided Notes worksheet

Guiding questions/term assignment

work together/on own assignment application or mastery working papers

Math assignment

Century 21, Accounting,  General Journal, 11th edition, online/paper edition.

Online working papers (Mindtap)

Microsoft Excel software

Online instructional tools