Lesson 26: Recording Sales Transaction Using a General Journal
Duration of Days: 2
Lesson Objective
Account for sales and returns and allowances, post to general ledger and the accounts receivable ledger and how to record a correcting entry to the accounts receivable ledger.
How do you determine which accounts to debit and credit when recording a sale?
How do you determine which accounts to debit and credit when recording a sale?
What steps are involved in recording a return or allowance in the general journal?
What is the process for posting sales and returns/allowances from the general journal to the general ledger?
sales return, sales allowance, credit memorandum,
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.3B - 3B. Apply concepts and processes in a multistep procedure
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: understand the accounting procedures for recording sales, sales returns, and sales allowances, including journalizing, posting to the general ledger, and maintaining the accounts receivable ledger.
Purpose: Sales and returns/allowances are fundamental aspects of business transactions. Understanding how to record these accurately ensures that financial statements reflect the true state of the company’s revenue and receivables. This knowledge is crucial for tracking business performance and maintaining accurate financial records.
DOK: 1
What is a sales journal?
What is an accounts receivable ledger?
DOK 2: Post to the ledger
DOK 3: Analyze the impact of sales return and allowances
Accounting for sales helps businesses track revenue, analyze sales performance, and make informed decisions about inventory and marketing strategies.
Confusion the general ledger with the accounts receivable ledger, thinking they serve the same purpose
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
Century 21, Accounting, General Journal, 11th edition, online/paper edition.
Online working papers (Mindtap)
Microsoft Excel software
Online instructional tools