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1
Chapter 7
Cash receipts and Cash Payments Journals
现金收入和现金支出日记账
2
How Much Cash Should a Business Have?
Accounts
receivable
Cash
Collections from
customers Cash payments
3
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
4
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
5
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
6
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
8
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)
9
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
10
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
11
Bank Reconciliation Statement
Is the cash reported on bank
statement equal to the cash balance in depositor’s accounting
records?
12
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)
13
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
14
Reconciling the Bank Statement
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
15
• Example on page 173
Bank Reconciliation Statement银行存款余额调节表
Bank Reconciliation Statement银行存款余额调节表
16
Reconciling the Bank Statement
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.
17
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$486 was erroneously credited to our account by the bank.
18
Reconciling the Bank Statement Example
Reconciling the Bank Statement Example
Balance per bank statement, July 31 9,610$ 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$
19
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
Reconciling the Bank Statement Example
Reconciling the Bank Statement Example
20
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
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.
Cash Over and Short现金溢缺
Cash Over and Short现金溢缺
22
assignment
• assignment to be done after class
--- Problem 3 (p 185)