1 chapter 7 cash receipts and cash payments journals 现金收入和现金支出日记账

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Chapter 7

Cash receipts and Cash Payments Journals

现金收入和现金支出日记账

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How Much Cash Should a Business Have?

Accounts

receivable

Cash

Collections from

customers Cash payments

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Cash receipts Journal all transaction involving ( 现金收入日记账 ) receipts of cash(on page154)Cash payments Journal all transaction involving ( 现金支出日记账 ) payment of cash(on page 158)

Cash Receipts/Payments JournalsCash Receipts/Payments Journals

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Cash Receipts transactions

Transaction Dr Cr

Investment to start business cash capital

Sales for cash cash sales

Sales discount cash, sales discount A/R

Disposal of equipment cash equipment

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Cash Payments transactions

Transaction Dr Cr

buy insurance policy prepaid insurance cash

cash purchase purchase cash

purchases discount A/P purchases discount ,cash

Purchase equipment equipment cash

Pay expense expense cash

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Cash( 货币资金 )

Coins and paper money

Checks

Money orders汇票 /汇款单

Bank drafts银行本票

Bank credit card receipts

Cash is defined as

any deposit banks will

accept.

7Slide 7-7

Combined with cash on balance

sheet

Reporting Cash in the Balance Sheet

Liquid short-term

investments

Stable market values

Matures within 90 days of acquisition

Cash Equivalents现金等价物

Money market funds 货币市场基金T-billsHigh-grade commercial paper

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Cash disbursement • Checking account/checking account

• 支票账户-- An account with the bank against which one can issue checks for payments

-- signature card 印鉴卡Practice: Issuing a check

(with sample checks)

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Check

• Outstanding check 在途支票 / 未兑现支票 the check which has been issued but not

honored by the payee

• Cancelled check 已兑现支票 the check which has been issued and

honored by the payee

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Shows the beginning bank balance, deposits made, checks paid, other

debits and credits in the month, and the ending bank balance.

Bank Statement

Bank Statement银行对账单 /银行结单

Bank Statement银行对账单 /银行结单

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Bank Reconciliation Statement

Is the cash reported on bank

statement equal to the cash balance in depositor’s accounting

records?

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Bank Reconciliation Statement银行存款余额调节表

Explains the difference between cash reported on bank statement and cash

balance in depositor’s accounting records.

Possible reasons for the difference (on page 172)

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Reconciling the Bank Statement

Balance per Bank

+ Deposits in Transit

在途存款

-Outstanding Checks

未兑现支票± Bank Errors

= Adjusted Balance

Balance per Depositor

+ collections by Bank (credit memos)

- Service Charge - NSF Checks (debit memos)

± Book Errors

= Adjusted Balance

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All reconciling items on the

book side require an adjusting

entry to the cash account.

Balance per Depositor

+ collections by Bank (credit memos)

- Service Charge -NSF Checks(debit memos)

± Book Errors

= Adjusted Balance

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• Example on page 173



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ExamplePrepare a July 31 bank reconciliation

statement and the resulting journal entries for the Simmons Company. The July 31 bank statement indicated a cash balance of $9,610, while the cash ledger account on that date shows a balance of $7,430.

Additional information necessary for the reconciliation is shown on the next page.

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Outstanding checks totaled $2,417. A $500 check mailed to the bank for deposit had

not reached the bank at the statement date. The bank returned a customer’s NSF check for

$225 received as payment of an account receivable.

The bank statement showed $30 interest earned on the bank balance for the month of July.

Check 781 for supplies cleared the bank for $268 but was erroneously recorded in our books as $240.

Amount of$486 was erroneously credited to our account by the bank.

Outstanding checks totaled $2,417. A $500 check mailed to the bank for deposit had

not reached the bank at the statement date. The bank returned a customer’s NSF check for

$225 received as payment of an account receivable.

The bank statement showed $30 interest earned on the bank balance for the month of July.

Check 781 for supplies cleared the bank for $268 but was erroneously recorded in our books as $240.

Amount of$486 was erroneously credited to our account by the bank.

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Reconciling the Bank Statement Example


Balance per bank statement, July 31 9,610$ Additions: Deposit in transit 500 Deductions: Bank error 486$ Outstanding checks 2,417 2,903 Adjusted cash balance 7,207$

Balance per depositor's records, July 31 7,430$ Additions: Interest 30 Deductions: Recording error 28$ NSF check 225 253 Adjusted cash balance 7,207$

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Date Account Titles and ExplanationPR Debit Credit

Jul 31 Cash 30

Interest Revenue 30

31 Supplies 28

Cash 28

31 Accounts Receivable 225

Cash 225



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Cash Over

• Actual cash receipt > cash register tape record

Cash short

• Actual cash receipt < cash register tape record

• Cash over and short

Cash short Cash over

Cash Over and Short现金溢缺


21Slide 7-21

Cash Over and Short is debited for shortages and credited for overages.

Cash Over and Short is debited for shortages and credited for overages.

On May 5, XBAR, Inc.’s cash drawer was counted and found to be $10 over.



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assignment

• assignment to be done after class

--- Problem 3 (p 185)

1 chapter 7 cash receipts and cash payments journals 现金收入和现金支出日记账

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