Lecture 19 Chapter 5 Accounting Systems. Review of Lecture Format of Ledger with running balance Format of Ledger with running balance Special Journal.

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Presentation transcript:

Lecture 19 Chapter 5 Accounting Systems

Review of Lecture Format of Ledger with running balance Format of Ledger with running balance Special Journal Special Journal Subsidiary Ledger Subsidiary Ledger Revenue Journal Revenue Journal

SPECIAL JOURNAL Special Journal contains records of original entry other than the general journal that are designed for recording specific types of transactions of similar nature, e.g. Sales Journal, Purchase Journal, Cash Receipts Journal, Cash Disbursements Journal

Subsidiary Ledger A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a specific general ledger account. The general ledger account that summarizes a subsidiary ledger's account balances is called a control account or master account. Subsidiary ledger accounts are not part of the general ledger; they are supplemental accounts that provide the detail to support the balance in a control account.

The Cash Receipts Journal

All transactions that involve the receipt of cash are recorded in the cash receipts journal.

Mar. 1 Rent Revenue CASH RECEIPTS JOURNAL OtherAccounts PostAccounts ReceivableCash DateAccount CreditedRef.Cr.Cr.Dr. Page

Mar. 1 Rent Revenue CASH RECEIPTS JOURNAL OtherAccounts PostAccounts ReceivableCash DateAccount CreditedRef.Cr.Cr.Dr. 19 Web Cantina3,4003,400 28MyMusicClub.com2,2002, Zone.com 1,7501,750 Page

Mar. 1 Rent Revenue CASH RECEIPTS JOURNAL OtherAccounts PostAccounts ReceivableCash DateAccount CreditedRef.Cr.Cr.Dr. 19 Web Cantina3,4003,400 28MyMusicClub.com2,2002, Zone.com 1,7501,750 Page

Mar. 1 Rent Revenue CASH RECEIPTS JOURNAL OtherAccounts PostAccounts ReceivableCash DateAccount CreditedRef.Cr.Cr.Dr. Page Web Cantina3,4003,400 28MyMusicClub.com2,2002, Zone.com 1,7501,750 Accounts Receivable Subsidiary Ledger Date Item P.R. Debit CreditBalance Web Cantina Mar. 1 Bal.3,400 18R352,6506, ,400 2,

Mar. 1 Rent Revenue CASH RECEIPTS JOURNAL OtherAccounts PostAccounts ReceivableCash DateAccount CreditedRef.Cr.Cr.Dr. Page Web Cantina3,4003,400 28MyMusicClub.com2,2002, Zone.com 1,7501,750 Accounts Receivable Subsidiary Ledger Date Item P.R. Debit CreditBalance Web Cantina Mar. 1 Bal.3,400 18R352,6506, ,40019CR14 2, 

After all journalizing and posting to the accounts receivable subsidiary ledger for the month is complete, the columns are totaled.

Mar. 1 Rent Revenue Web Cantina  3,4003,400 28MyMusicClub.com  2,2002, Zone.com  1,7501, ,3507,750 CASH RECEIPTS JOURNAL OtherAccounts PostAccounts ReceivableCash DateAccount CreditedRef.Cr.Cr.Dr. Page

ACCOUNT Accounts Receivable Account No. 12 Balance Dr. Cr. Date Dr.Cr. Item Post. Ref Mar.1Balance3 400 GENERAL LEDGER R35 Revenue Journal, page 35

Mar. 1 Rent Revenue Web Cantina  3,4003,400 28MyMusicClub.com  2,2002, Zone.com  1,7501, ,3507,750 CASH RECEIPTS JOURNAL OtherAccounts PostAccounts ReceivableCash DateAccount CreditedRef.Cr.Cr.Dr. Page Account: Accounts Receivable No. 12 GENERAL LEDGER DateItemP.R. DebitCreditBalance Mar. 1Bal  3,400 31R359,60013,

Mar. 1 Rent Revenue Web Cantina  3,4003,400 28MyMusicClub.com  2,2002, Zone.com  1,7501, ,3507,750 CASH RECEIPTS JOURNAL OtherAccounts PostAccounts ReceivableCash DateAccount CreditedRef.Cr.Cr.Dr. Page Account: Accounts Receivable No. 12 GENERAL LEDGER DateItemP.R. DebitCreditBalance Mar. 1Bal  3,400 31R359,60013, ,350 5, CR14

Mar. 1 Rent Revenue Web Cantina  3,4003,400 28MyMusicClub.com  2,2002, Zone.com  1,7501, ,3507,750 CASH RECEIPTS JOURNAL OtherAccounts PostAccounts ReceivableCash DateAccount CreditedRef.Cr.Cr.Dr. Page ( ) (12) 

Rs.7,750 total in the Cash Debit column is posted to Cash in a similar manner.

Rs.400 credit to Rent Revenue could have been posted earlier, but posting it at the same time as other general ledger accounts is proper.

Mar. 1 Rent Revenue Web Cantina  3,4003,400 28MyMusicClub.com  2,2002, Zone.com  1,7501, ,3507,750 CASH RECEIPTS JOURNAL OtherAccounts PostAccounts ReceivableCash DateAccount CreditedRef.Cr.Cr.Dr. Page ( ) (12) (11) 2010 

Accounts Receivable Control Account If the accounts receivable account in the general ledger only shows summary totals, where are the individual customer balances? ACCOUNT Accounts Receivable No. 12 GENERAL LEDGER DateItemP.R. DebitCreditBalance Mar. 1Bal3,400 31R359,60013,000 7,3505,650 31CR14 

DateItemP.R. DebitCreditBalance RapZone.com 3/6 R35 1,7501, /30CR141,750-- DateItemP.R. DebitCreditBalance Web Cantina DateItemP.R. DebitCreditBalance 3/2R352,200 2,200 3/27R353,000 5,200 3,000 3/28CR142,2003,000 3/1Bal. 3,400 3/18R352,6506,050 2,650 3/19CR143,4002,650  Accounts Receivable Subsidiary Ledger Accounts Receivable Control Account MyMusicClub.com ACCOUNT Accounts Receivable No. 12 GENERAL LEDGER DateItemP.R. DebitCreditBalance Mar. 1Bal3,400 31R359,60013,000 7,3505,650 31CR14 

End of Lecture 19