A subsidiary ledger is a ledger that includes all of the details of a general ledger‚ and it holds accounts with similar attributes. The purpose is that is can contain things such as accounts receivable and accounts payable and it can show the sum total. The advantages of using subsidiary ledgers is that the sum of all the accounts is kept in the General Ledger and all of the details of the accounts are kept in the subsidiary ledger which is separate so you can keep them in different columns so to
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advantages of the four different special journals? When would you use each type? First of all‚ there are four different types of journals; sales journal‚ cash receipts journal‚ purchases journal‚ and cash payments journal. All of the following journals have their own special advantage. The advantage to the sales journal is that it is only a one line entry which leaves less room for error and saves time. When a credit sale is completed that is a good time to use the sales journal. The advantage to
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There are four different special journals which includes sales journal‚ cash receipts journal‚ purchases journal‚ and cash payments journal which have advantages. The sales journal saves time with the one line entry for each sale and reduces errors. You would use this when you do a credit sale. The cash receipts journal provides daily and weekly information about cash balances. You would use this when you sell merchandise for cash. The purchases journal records a single type of frequently recurring
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Special Journals and Subsidiary Ledgers The four different types of special journals are sales journal‚ cash receipts journal‚ purchase journal‚ and cash payments journal. Special journals reduce the time needed to complete the posting process and they permit greater division of labor‚ this allows several people to record entries in different journals at the same time. When a transaction cannot be recorded in a special journal it is recorded in a general journal. A sales journal would
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Four different special journals are sales journal‚ purchase journal; cash receipt journal and cash payment journal. They all are special journal being used to record data of recurring nature. A transaction in accounting is recorded with the help of journal entry. To avoid passing entries all time of transactions of same nature‚ they are recorded in special journal. In this way some repletion of work is avoided‚ and it helps doing ledger posting specially when using manual accounting system. One can
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XACC/280 Week four checkpoint Date Checkpoint: Besides the general journal‚ there are four different special journals; the Sales Journal‚ the Cash Receipts Journal‚ the Purchases Journal‚ and the Cash Journal. The Sales Journal records all sales of merchandise on account‚ cash and credit sales not included. The advantage of the sales journal is that it is time saving and easy because not every transaction has to be singled out‚ total can be reported instead. From the Sales Journal the entries
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Checkpoint: Subsidiary Ledgers and Special Journals The advantages of using the four different special journals are you are able to post the total in the journal that it corresponds to one time at the end of the month. You are also able to have different people or departments handle the journal that pertains to them. By doing it this way‚ the accounting department will have better controls and there will be no conflicting responsibilities. The cash receipts journal is used when you have a
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Jackie’s Grocery Sales Journal Invoice no. Folio Amount 2014 $ 02-Mar M. Davis 2‚890 06-Mar G.Hinkson 3‚560 P. Wendell 1‚470 19-Mar T.Rudder 930 transferred to sales account 8‚850 Jackie’s Grocery Sales Ledger Date Details Folio $ Date Details Folio $ M.Davis A/c 2014 02-Mar Sales 2‚890
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Internal Control and Bank Reconciliations Athena Jackson ACC/225 November 10‚ 2013 Scott Flynn Problem 8-1A 1. The principle of internal control violation is separation of duties. The person that records the incoming cash receipts should not be the same person that is posting the customer payments to their accounts. My recommendation to the business would be that they have one person recording the incoming cash receipts‚ and they should assign another employee to take
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