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Study Objectives
1. Identify the basic concepts of an accounting information system. 2. Describe the nature and purpose of a subsidiary ledger. 3. Explain how companies use special journals in journalizing. 4. Indicate how companies post a multi-column journal.
Chapter 7-2
Subsidiary Ledgers
Special Journals
Example Advantages
Chapter 7-3
Sales journal Cash receipts journal Purchases journal Cash payments journal Effects of special journals on general journal
Chapter 7-4
Useful Output
Flexibility - The system should be sufficiently flexible to meet the resulting changes in the demands made upon it.
Chapter 7-5
Chapter 7-7
Chapter 7-8
Subsidiary Ledgers
Used to keep track of individual balances.
Chapter 7-9
Subsidiary Ledgers
Relationship of general ledger and subsidiary ledgers
Illustration 7-3
Chapter 7-10
Subsidiary Ledgers
Chapter 7-11
Special Journals
Used to record similar types of transactions.
Illustration 7-5
If a transaction cannot be recorded in a special journal, the company records it in the general journal.
Chapter 7-12
Special Journals
Review Question
Each of the following is a subsidiary ledger except the:
a. accounts receivable ledger.
Chapter 7-13
Special Journals
Sales Journal
Illustration 7-6
Under a perpetual inventory system, one entry at selling price in Sales Journal results in a debit to Accounts Receivable and a credit to Sales. Another entry at cost results in a debit to Cost of Goods Sold and a credit to Merchandise Inventory.
Chapter 7-14
Special Journals
POSTING THE SALES JOURNAL
Illustration 7-7
Companies make daily postings from the sales journal to the individual accounts receivable in the subsidiary ledger.
Chapter 7-15
Special Journals
POSTING THE SALES JOURNAL
Illustration 7-7
Special Journals
Chapter 7-17
Special Journals
Cash Receipts Journal
Illustration 7-9
The posting of the cash receipts journal is similar to the posting of the sale journal. See complete Illustration 7-9 in the text.
Chapter 7-18
Special Journals
$3,200
Chapter 7-19
Special Journals
June 1
J. Darby Lenninger Farley Deering & Son Merchandise inventory Grinnell Bros.
Chapter 7-20
Special Journals
Review Question
Cash sales of merchandise are recorded in the:
a. cash payments journal. b. cash receipts journal. c. general journal. d. sales journal.
Chapter 7-21
Special Journals
Review Question
Which of the following is not one of the credit columns in the cash receipts journal:
a. Other accounts.
b. Accounts payable.
c. Accounts receivable. d. Sales.
Chapter 7-22
Special Journals
Purchases Journal
Illustration 7-13
Special Journals
Purchases Journal
Illustration 7-13
Chapter 7-24
Special Journals
Review Question
All of the following are advantages of using subsidiary ledgers except they:
a. show transactions affecting one customer or one creditor in a single account. b. free the general ledger of excessive details. c. eliminate errors in individual accounts.
Chapter 7-25
Special Journals
Cash Payments Journal
Illustration 7-16
In a cash payments (cash disbursements) journal, companies record all disbursements of cash. The procedures for posting the cash payments journal are similar to those for other journals.
Chapter 7-26
Special Journals
Review Question
Credit purchases of equipment or supplies other than merchandise are recorded in the:
a. cash payments journal.
Chapter 7-27
Special Journals
Review Question
Cash payments of merchandise are recorded in the:
a. cash payments journal.
Chapter 7-28
Special Journals
Effects of Special Journals on the General Journal Special journals substantially reduce the number of entries that companies make in the general journal.
Only transactions that cannot be entered in a special journal are recorded in the general journal. Also, correcting, adjusting, and closing entries are made in the general journal.
Chapter 7-29
Copyright
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Chapter 7-30