Accounting Special Accounting Special Journals Journals Georgia CTAE Resource Network Georgia CTAE Resource Network Instructional Resources Office Instructional Resources Office Written by: Dr. Marilynn K. Skinner Written by: Dr. Marilynn K. Skinner May 2009 May 2009
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Accounting Special Journals Georgia CTAE Resource Network Instructional Resources Office Written by: Dr. Marilynn K. Skinner May 2009.
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Accounting Special Accounting Special JournalsJournals
Written by: Dr. Marilynn K. SkinnerWritten by: Dr. Marilynn K. SkinnerMay 2009May 2009
Transactions Special Journal (Abbrevviation)Sales on credit Sales Journal (S)Purchases on credit Purchases Journal (P)Cash receipts Cash Receipts Journal (CR)Cash Payments Cash Payments Journal (CP)
Transactions Special Journal (Abbrevviation)Sales on credit Sales Journal (S)Purchases on credit Purchases Journal (P)Cash receipts Cash Receipts Journal (CR)Cash Payments Cash Payments Journal (CP)
Special JournalsSpecial Journals
Special journals Special journals – organizing transactions into organizing transactions into
common groups and require less common groups and require less time and effort for postingtime and effort for posting
Subsidiary LedgersSubsidiary Ledgers
Subsidiary ledgers are a listing of Subsidiary ledgers are a listing of individual accounts with common individual accounts with common characteristicscharacteristics– Accounts receivable ledgersAccounts receivable ledgers– Accounts payable ledgersAccounts payable ledgers– … …
General ledger is the principal ledger, General ledger is the principal ledger, which contains all of the balance sheet which contains all of the balance sheet and income statement accountsand income statement accounts
Each subsidiary ledger is represented in Each subsidiary ledger is represented in the general ledger by a summarizing the general ledger by a summarizing account, called a account, called a controlling accountcontrolling account
The balance in the controlling accounts The balance in the controlling accounts must equal the sum of the balances in the must equal the sum of the balances in the subsidiary ledgerssubsidiary ledgers
General ledger & subsidiary ledgersGeneral ledger & subsidiary ledgers