CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 24-1LESSON 24-1

Recording International Sales

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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LESSON 24-1

JOURNALIZING AN JOURNALIZING AN INTERNATIONAL SALEINTERNATIONAL SALE

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April 1. Recorded international cash sale, $5,000.00. Memorandum 45.

1. Write the date.

2. Place a check mark.

3. Write the source document number.

4. Place a check mark in the Post. Ref. column.

5. Write the sale amount in the Sales Credit column.

6. Write the sale amount in the Cash Debit column.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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LESSON 24-1

JOURNALIZING TIME DRAFTSJOURNALIZING TIME DRAFTS

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44

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May 10. Received a 60-day, time draft from Simov Co. for an international sale, $6,000.00. Time Draft No. 12.

4. Sale amount debit1. Date

2. Account debited

6. Sale amount credit3. Time draft number

5. Account credited

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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LESSON 24-1

JOURNALIZING CASH RECEIPTS JOURNALIZING CASH RECEIPTS FROM TIME DRAFTSFROM TIME DRAFTS

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July 9. Received cash for the value of Time Draft No. 12, $6,000.00. Receipt No. 465.

5. Amount received debit

4. Amount received credit

3. Receipt number

2. Account title

1. Date

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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LESSON 24-1

TERMS REVIEWTERMS REVIEW

exports imports contract of sale letter of credit bill of lading

commercial invoice draft sight draft time draft trade acceptance

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