Special Journals特种日记账

SubsidiaryLedgersandSpecialJournalsKimmelAccounting,SecondEditionAppendixEDescribethenatureandpurposeofasubsidiaryledger.Explainhowcompaniesusespecialjournalsinjournalizing.Indicatehowcompaniespostamulti-columnjournal.StudyObjectivesUsedtokeeptrackofindividualbalances.Twocommonsubsidiaryledgersare:Accountsreceivable(customers’)Accountspayable(creditors’)SubsidiaryLedgersSO1Describethenatureandpurposeofasubsidiaryledger.Eachgeneralledgercontrolaccountbalancemustequalthecompositebalanceoftheindividualaccountsintherelatedsubsidiaryledger.IllustrationE-2SubsidiaryLedgersSO1Describethenatureandpurposeofasubsidiaryledger.Relationshipofgeneralledgerandsubsidiaryledgers1.Showinasingleaccounttransactionsaffectingonecustomeroronecreditor.2.Freethegeneralledgerofexcessivedetails.3.Helplocateerrorsinindividualaccounts.4.Makepossibleadivisionoflabor.SubsidiaryLedgersSO1Describethenatureandpurposeofasubsidiaryledger.AdvantagesofSubsidiaryLedgersSpecialJournalsSO2Explainhowcompaniesusespecialjournalsinjournalizing.Usedtorecordsimilartypesoftransactions.Ifatransactioncannotberecordedinaspecialjournal,thecompanyrecordsitinthegeneraljournal.IllustrationE-4Eachofthefollowingisasubsidiaryledgerexceptthe:accountsreceivableledger.accountspayableledger.customer’sledger.generalledger.ReviewQuestionSpecialJournalsSO2Explainhowcompaniesusespecialjournalsinjournalizing.SpecialJournalsSO2Explainhowcompaniesusespecialjournalsinjournalizing.SalesJournalIllustrationE-5Underaperpetualinventorysystem,oneentryatsellingpriceinSalesJournalresultsinadebittoAccountsReceivableandacredittoSales.AnotherentryatcostresultsinadebittoCostofGoodsSoldandacredittoMerchandiseInventory.SpecialJournalsSO2Explainhowcompaniesusespecialjournalsinjournalizing.IllustrationE-6Companiesmakedailypostingsfromthesalesjournaltotheindividualaccountsreceivableinthesubsidiaryledger.POSTINGTHESALESJOURNALSpecialJournalsSO2Explainhowcompaniesusespecialjournalsinjournalizing.IllustrationE-6Postingtothegeneralledgerisdonemonthly.POSTINGTHESALESJOURNALOne-lineentryforeachsalestransactionsavestime.Onlytotals,ratherthanindividualentries,arepostedtothegeneralledger.Adivisionoflaborresults.AdvantagesofSalesJournalSpecialJournalsSO2Explainhowcompaniesusespecialjournalsinjournalizing.SpecialJournalsSO2Explainhowcompaniesusespecialjournalsinjournalizing.Inthecashreceiptsjournal,companiesrecordallreceiptsofcash.Thepostingofthecashreceiptsjournalissimilartothepostingofthesalejournal.SeecompleteIllustrationE-8inthetext.IllustrationE-8CashReceiptsJournalSpecialJournalsSO2Explainhowcompaniesusespecialjournalsinjournalizing.$3,200Exercise:SpecialJournalsSO2Explainhowcompaniesusespecialjournalsinjournalizing.J.DarbyLenningerFarleyDeering&SonGrinnellBros.MerchandiseinventoryJune1Exercise:Cashsalesofmerchandisearerecordedinthe:cashpaymentsjournal.cashreceiptsjournal.generaljournal.salesjournal.ReviewQuestionSpecialJournalsSO2Explainhowcompaniesusespecialjournalsinjournalizing.Whichofthefollowingisnotoneofthecreditcolumnsinthecashreceiptsjournal:Otheraccounts.Accountspayable.Accountsreceivable.Sales.ReviewQuestionSpecialJournalsSO2Explainhowcompaniesusespecialjournalsinjournalizing.SpecialJournalsSO3Indicatehowcompaniespostamulti-columnjournal.IllustrationE-11Inthepurchasesjournal,companiesrecordallpurchasesofmerchandiseonaccount.PurchasesJournalSpecialJournalsSO3Indicatehowcompaniespostamulti-columnjournal.IllustrationE-11PurchasesJournalAllofthefollowingareadvantagesofusingsubsidiaryledgersexceptthey:showtransactionsaffectingonecustomeroronecreditorinasingleaccount.freethegeneralledgerofexcessivedetails.eliminateerrorsinindividualaccounts.makepossibleadivisionoflabor.ReviewQuestionSpecialJournalsSO2Explainhowcompaniesusespecialjournalsinjournalizing.SpecialJournalsInacashpayments(cashdisbursements)journal,companiesrecordalldisbursementsofcash.Theproceduresforpostingthecashpaymentsjournalaresimilartothoseforotherjournals.IllustrationE-15CashPaymentsJournalSO3Indicatehowcompaniespostamulti-columnjournal.Creditpurchasesofequipmentorsuppliesotherthanmerchandisearerecordedinthe:cashpaymentsjournal.cashreceiptsjournal.generaljournal.purchasesjournal.ReviewQuestionSpecialJournalsSO3Indicatehowcompaniespostamulti-columnjournal.Cashpaymentsofmerchandisearerecordedinthe:cashpaymentsjournal.cashreceiptsjournal.generaljournal.purchasesjournal.ReviewQuestionSpecialJournalsSO3Indicatehowcompaniespostamulti-columnjournal.Specialjournalssubstantiallyreducethenumberofentriesthatcompaniesmakeinthegeneraljournal.Onlytransactionsthatcannotbeenteredinaspecialjournalarerecordedinthegeneraljournal.Also,correcting,adjusting,andclosingentriesaremadeinthegeneraljournal.EffectsofSpecialJournalsontheGeneralJournalSpecialJournalsSO3Indicatehowcompaniespostamulti-columnjournal.“Copyright©2008JohnWiley&Sons,Inc.Allrightsreserved.ReproductionortranslationofthisworkbeyondthatpermittedinSection117ofthe1976UnitedStatesCopyrightActwithouttheexpresswrittenpermissionofthecopyrightownerisunlawful.RequestforfurtherinformationshouldbeaddressedtothePermissionsDepartment,JohnWiley&Sons,Inc.Thepurchasermaymakeback-upcopiesforhis/herownuseonlyandnotfordistributionorresale.ThePublisherassumesnoresponsibilityforerrors,omissions,ordamages,causedbytheuseoftheseprogramsorfromtheuseoftheinformationcontainedherein.”Copyright