Lecture 18 Chapter 5 Accounting Systems. Review of Lecture.

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Presentation transcript:

Lecture 18 Chapter 5 Accounting Systems

Review of Lecture

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.

Revenue Journal Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit Page

Revenue Journal Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit Page Mar. 2615MyMusicClub.com

Revenue Journal Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit Page Mar. 2615MyMusicClub.com

Revenue Journal Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit Page Mar. 2615MyMusicClub.com

Revenue Journal Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit Page Mar. 2615MyMusicClub.com Accounts Receivable Subsidiary Ledger Date Item P.R. Debit CreditBalance MyMusicClub.com Mar. 2R352,2002,

Revenue Journal Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit Page Mar. 2615MyMusicClub.com Accounts Receivable Subsidiary Ledger Date Item P.R. Debit CreditBalance MyMusicClub.com Mar. 2R352,2002, This procedure is repeated for each posting to the accounts receivable subsidiary ledger. 2010

Revenue Journal Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit Page Mar. 2615MyMusicClub.com Zone.com Web Cantina MyMusicClub.com

Revenue Journal Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit Page Mar. 2615MyMusicClub.com Zone.com Web Cantina MyMusicClub.com

Revenue Journal Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit Page Mar. 2615MyMusicClub.com Zone.com Web Cantina MyMusicClub.com

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

By placing the account number here, we indicate that Rs. 9,600 has been debited to Accounts Receivable in the general ledger. Revenue Journal Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit Page Mar. 2615MyMusicClub.com Zone.com Web Cantina MyMusicClub.com (12)(41) 2010

ACCOUNT Fees Earned Account No. 41 Balance Dr. Cr. Date Dr.Cr. Item Post. Ref. GENERAL LEDGER 2010 Mar. 31R

Revenue Journal Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit Page Mar. 2615MyMusicClub.com Zone.com Web Cantina MyMusicClub.com (12)(41) Placing “41” here indicates that Rs.9,600 has been posted to the credit side of Fees Earned in the general ledger. 2010

Review of Lecture

End of Lecture 18