西方财务会计4.pptVIP

Chapter 4 SPECIAL JOURNALS Reasons for using special journals If each transaction was recorded in the general journal and then posting to the general ledger,that’s time-consuming and wasteful. The special journal will reduce detail recording. Reduces the posting working. Have a better division of labor. General journal In addition to four special journals,a general journal (J) is used for recording transactions that not fit into four special journals. It is also used to record adjusting and closing entries. Sales journal Only sales on account are recorded in the sales journal. Cash sales are recorded in the cash receipts journal. The procedure to record the sales journal Record the sales on credit day by day in the sales journal. At the end of the month ,add the amount and post to the general ledger (Dr:Accounts receivable; Cr:Sales) Place a posting ref.(account number) In the general ledger, place the source of the entry in each account. Sales returns If lots of transactions occur in which customers return goods ,we can use the sales returns journal as the special journal. Otherwise the general journal is sufficient.(p105) SUBSIDIARY LEDGERS A group of accounts With a common characteristic such as accounts receivable is assembled Facilitates the recording process freeing the general ledger from details concerning individual balances Two common subsidiary ledgers Accounts Receivable Ledger Accounts Payable Ledger Advantages of subsidiary(special) ledgers(p103) Reduces ledger detail. Permits better division of labor. Permits a different sequence of accounts Permits better internal control. SUBSIDIARY LEDGERS Advantages 1 Shows transactions affecting one customer or one creditor in a single account 2 Frees the general ledger of excessive details 3 Helps locate errors in individual accounts 4 Reduces the number of accounts in one ledger and by using control accounts 5 Division of labor in posting One employee posts to the general ledger Another