First question for discussion. Why use special journals? What are some reasons we may use special journals instead of the one general journal that we learned before ch 7?
Lets hear some different students' understanding of this?
Next Question. What are subsidiary ledgers and why do we use them?
What is their relationship to the General Ledger? Why would we use
an accounts receivable subsidiary ledger? What is the need for this
ledger?
Part A) We shall understand what special journals are and why we use them . Moreover we shall analyse their edge over general journals.
Special Journals help expedite the process of accounting for similar type of transactions. We record frequently occurring transactions under the same journal like the Sales Journal, Cash Receipts Journal etc. If a transaction cannot be recorded in any of the special Journals, then it is recorded in the General Journal.The totals of these journals are periodically transferred to the general ledger.
Following is Table Showing Types of Special Journals that a business might have depending on the frequency of transactions.
Sales Journal |
Cash Receipts Journal |
Purchases Journal |
Cash Payments Journal |
General Journal |
For Credit Sales |
All cash Receipts |
For Credit Purchases |
All cash Payments |
Residual Journal for entry that cannot be entered in other journals; Also for adjustment & correcting entries. |
Benefits Over General journal:
Part B)We shall understand what Subsidiary Ledgers are and why we use them . Moreover we shall analyze their edge over general journals.
Similar to Special Journals, in subsidiary ledgers we group similar entries, at the classification level.
A business with thousands of customers cannot maintain a single ledger for all , instead they maintain a single “Accounts receivable” ledger in General Ledger[acting as a control account] and maintains detailed classification of entries per customer in Subsidiary Ledger. The same process if followed for Accounts payable as well.
Advantages are:
First question for discussion. Why use special journals? What are some reasons we may use special...
Use the answer choices of documents/journals/ledgers to answer the question. What should be used when calculating depreciation expense? (Answer IS NOT "B") Depreciation journal Income statement 12 column worksheet A/R subsidiary ledger Purchases Journal Cash Receipts Journal Fixed asset subsidiary ledger Notes Payable General Ledger Tax return Cash disbursements journal Loan documents
Use the answer choices of documents/journals/ledgers to answer the question. What should be used when calculating the accrual for unpaid interest? ( I know the answer IS NOT "A") Notes payable General ledger Tax return Fixed asset subsidiary ledger Loan documents 12 column worksheet Purchases journal Depreciation journal Cash disbursements journal A/R subsidiary ledger Income statement Cash receipts journal
2) What is an AIS? a) A system is a set of two or more interrelated components that interact to achieve a goal. b) Systems are almost always composed of smaller subsystems, each performing a specific function supportive of the larger system. 3) AIS components a) Not just hardware and software, also includes i) People ii) Procedures iii) Data 4) Processing in accounting systems a) Capture transaction inputs. b) Record transaction data in journals c) Record the debits and credits...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $6,260. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,260. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,360. Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $6,960. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,510. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,740. Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $6,730. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,420. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,610. Post revenue and collections...
an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6. What is a control account? 7. List the four special journals often used in a manual accounting information system. What types of transactions are recorded in each of the special journals? 8. Explain the posting process of the sales journal. 9. Provide some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts...
please answer the question in the entirety. X Question We know some reasons of WHY sugar is in our foods and WHERE some of it is [or may be hidden] Honestly discuss your personal feelings about this, what are your thoughts? Do you feel you have a choice as a "Sweet Consumer"? Include details/reasons to back up your position.
4. What are some reasons why you might want to use a genetically correlated trait instead of the trait you are truly interested in (e.g., the economically relevant trait)?