Subsidiary Ledgers and Special Journals

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Subsidiary Ledgers and Special Journals

Axia College of University of Phoenix
XACC/280 Financial Accounting Concepts and Principles
Professor

Subsidiary Ledgers and Special Journals

* The four special journals are; cash receipt journal, sales journal, purchase journals, and cash payment journal. These journals are used by some businesses as a simple way to record frequently occurring transactions. The sales journal is used to record all sales of merchandise on account. Cash receipt journals are used to record cash receipts transactions. Purchase journals record only purchases of merchandise on account. Cash payment journals are used to record only cash payment transactions. (www.wikipedia.org)
* A subsidiary ledger is a set of accounts whose combined balance equals the balance of the corresponding control account in the general ledger. The subsidiary ledgers divide large amounts of financial data into more manageable parts. (www.businessdictionary.com)
* A control account is a general ledger account which reflects the balances of its related subsidiary accounts. (Weygant, 2008)
* The two general ledger accounts that act as control accounts for a subsidiary ledger are accounts payable and accounts receivable. These accounts act as a crosscheck of the accuracy of the subsidiary accounts. The general ledger will only include the total amount of accounts payable or accounts receivable. The subsidiary ledgers will give you the specifics of each entry (who, how much, how often) that makes up the total found in the general ledger. (www.principlesofaccounting.com)
In order to ensure accuracy of a business’s accounts, it is in their best interest to use the special journals and subsidiary ledgers to simplify and crosscheck all totals. Following the individual entries in the journals, to the tallies in the subsidiary ledgers and finally…...

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