Accounting Special Journals

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Presentation transcript:

Accounting Special Journals Georgia CTAE Resource Network Curriculum Office, June 2009 To accompany curriculum for the Georgia Peach State Career Pathways June 2009, Dr. Marilynn Skinner

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

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

Accounts Receivable Ledger

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

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

Subsidiary Balances Controlling Balance

Accounts Receivable Ledger

This two columns total are posted monthly the appropriate accounts Sales Journal This two columns total are posted monthly the appropriate accounts

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

Sales Journal

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

Sales Journal

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

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

Now post the COGS and Inventory accounts Sales Journal Now post the COGS and Inventory accounts

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

Cash Receipts Journal

Cash Receipts Journal

Purchases Journal

Cash Payments Journal

General Journal Transactions Adjusting Entries Reversing Entries Transactions not recorded in Special Journals