Learning Objectives

1. Record credit sales in a sales journal.
2. Post from the sales journal to the general ledger accounts.
3. Post from the sales journal to the customers’ accounts in the accounts receivable subsidiary ledger.
4. Record sales returns and allowances in the general journal.
5. Post sales returns and allowances.
6. Prepare a schedule of accounts receivable.
7. Compute trade discounts.
8. Record credit card sales in appropriate journals.
9. Prepare the state sales tax return.
10. Define the accounting terms new to this chapter.