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Appendix E-* Subsidiary Ledgers and Special Journals Kimmel Accounting, Second Edition Appendix E Describe the nature and purpose of a subsidiary ledger. Explain how companies use special journals in journalizing. Indicate how companies post a multi-column journal. Study Objectives Used to keep track of individual balances. Two common subsidiary ledgers are: Accounts receivable (customers’) Accounts payable (creditors’) Subsidiary Ledgers SO 1 Describe the nature and purpose of a subsidiary ledger. Each general ledger control account balance must equal the composite balance of the individual accounts in the related subsidiary ledger. Illustration E-2 Subsidiary Ledgers SO 1 Describe the nature and purpose of a subsidiary ledger. Relationship of general ledger and subsidiary ledgers 1. Show in a single account transactions affecting one customer or one creditor. 2. Free the general ledger of excessive details. 3. Help locate errors in individual accounts. 4. Make possible a division of labor. Subsidiary Ledgers SO 1 Describe the nature and purpose of a subsidiary ledger. Advantages of Subsidiary Ledgers Special Journals SO 2 Explain how companies use special journals in journalizing. Used to record similar types of transactions. If a transaction cannot be recorded in a special journal, the company records it in the general journal. Illustration E-4 Each of the following is a subsidiary ledger except the: accounts receivable ledger. accounts payable ledger. customer’s ledger. general ledger. Review Question Special Journals SO 2 Explain how companies use special journals in journalizing. Special Journals SO 2 Explain how companies use special journals in journalizing. Sales Journal Illustration E-5 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. Special