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Accounting Special Journals

Accounting Special Journals. Georgia CTAE Resource Network Instructional Resources Office Written by: Dr. Marilynn K. Skinner May 2009. Special Journals. Special journals organizing transactions into common groups and require less time and effort for posting. Subsidiary Ledgers.

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Accounting Special Journals

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  1. Accounting Special Journals Georgia CTAE Resource Network Instructional Resources Office Written by: Dr. Marilynn K. Skinner May 2009

  2. Special Journals • Special journals • organizing transactions into common groups and require less time and effort for posting

  3. Subsidiary Ledgers • Subsidiary ledgers are a listing of individual accounts with common characteristics • Accounts receivable ledgers • Accounts payable ledgers • …

  4. Accounts Receivable Ledger

  5. General ledger • General ledger is the principal ledger, which contains all of the balance sheet and income statement accounts • Each subsidiary ledger is represented in the general ledger by a summarizing account, called a controlling account • The balance in the controlling accounts must equal the sum of the balances in the subsidiary ledgers

  6. General ledger Accounts Receivable (controlling account) Accounts Payable (controlling account) Customer A Customer A Subsidiary ledger Customer B Customer B Customer C Customer C General ledger & subsidiary ledgers

  7. Subsidiary Balances Controlling Balance

  8. Accounts Receivable Ledger

  9. These two totals are posted monthly to the appropriate accounts Sales Journal

  10. Daily, each transaction is posted to the appropriate Accounts Receivable Ledger account. Sales Journal

  11. Sales Journal

  12. SALES JOURNAL Page 1 Account Invoice Dr. A/R Dr COGS Date Debited Number PR Cr. Sales Cr Inventory 2005 ü Feb. 2 Jason Henry 307 450 315 The transaction has been posted Sales Journal

  13. Sales Journal

  14. On Feb. 28th, post the column total to Accounts Receivable Sales Journal

  15. On Feb. 28th, post the column total to Sales Sales Journal

  16. Now post the COGS and Inventory accounts Sales Journal

  17. Remember to update the account balances and the posting references Sales Journal

  18. Cash Receipts Journal

  19. Cash Receipts Journal

  20. Purchases Journal

  21. Cash Payments Journal

  22. General Journal Transactions • Adjusting Entries • Reversing Entries • Transactions not recorded in Special Journals

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