Financial accounting 9th kieso kimmel appendix i

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I-1 Appendix I Subsidiary Ledgers and Special Journals Accounting in Action Learning Objectives After studying this chapter, you should be able to: [1] Describe the nature and purpose of a subsidiary ledger [2] Explain how companies use special journals in journalizing [3] Indicate how companies post a multi-column journal I-2 Expanding the Ledger-Subsidiary Ledgers Used to keep track of individual balances Two common subsidiary ledgers are: Accounts receivable (customers’) Accounts payable (creditors’) Each general ledger control account balance must equal the composite balance of the individual accounts in the related subsidiary ledger I-3 LO Expanding the Ledger-Subsidiary Ledgers Subsidiary Ledger Example I-4 Illustration I-1 Relationship of general ledger and subsidiary ledgers LO Expanding the Ledger-Subsidiary Ledgers Subsidiary Ledger Example I-5 Illustration I-3 Relationship between general and subsidiary ledgers LO Expanding the Ledger-Subsidiary Ledgers Advantages of Subsidiary Ledgers Show in a single account transactions affecting one customer or one creditor Free the general ledger of excessive details Help locate errors in individual accounts Make possible a division of labor I-6 LO Appendix I Subsidiary Ledgers and Special Journals Accounting in Action Learning Objectives After studying this chapter, you should be able to: [1] Describe the nature and purpose of a subsidiary ledger [2] Explain how companies use special journals in journalizing [3] Indicate how companies post a multi-column journal I-7 Expanding the Ledger-Special Journals Used to record similar types of transactions Illustration I-4 Use of special journals and the general journal If a transaction cannot be recorded in a special journal, the company records it in the general journal I-8 LO Expanding the Ledger-Special Journals Review Question Each of the following is a subsidiary ledger except the: a accounts receivable ledger b accounts payable ledger c customers’ ledger d general ledger I-9 LO Sales Journal I-10 Journalizing Credit Sales Illustration I-5 Journalizing the sales journal—perpetual inventory system  Under a perpetual inventory system, one entry at selling price in Sales Journal results in a debit to Accounts Receivable and a credit to Sales  Another entry at cost results in a debit to Cost of Goods Sold and a credit to Inventory LO Cash Receipts Journal Illustration I-8 Journalizing and posting the cash receipts journal 2014 I-16 LO 2014 Cash Receipts Journal Posting Illustration I-8 Journalizing and posting the cash receipts journal I-17 LO Cash Receipts Journal Illustration I-10 Proving the ledgers I-18 LO Cash Receipts Journal Review Question Cash sales of merchandise are recorded in the: a cash payments journal b cash receipts journal c general journal d sales journal I-19 LO Cash Receipts Journal Review Question Which of the following is not one of the credit columns in the cash receipts journal: a Other accounts b Accounts payable c Accounts receivable d Sales I-20 LO Appendix I Subsidiary Ledgers and Special Journals Accounting in Action Learning Objectives After studying this chapter, you should be able to: [1] Describe the nature and purpose of a subsidiary ledger [2] Explain how companies use special journals in journalizing [3] Indicate how companies post a multi-column journal I-21 Purchases Journal Illustration I-12 Journalizing and posting the purchases journal In the purchases journal, companies record all purchases of merchandise on account I-22 LO Purchases Journal Illustration I-12 Journalizing and posting the purchases journal In the purchases journal, companies record all purchases of merchandise on account I-23 LO Purchases Journal Review Question All of the following are advantages of using subsidiary ledgers except they: a show transactions affecting one customer or one creditor in a single account b free the general ledger of excessive details c eliminate errors in individual accounts d make possible a division of labor I-24 LO Cash Payments Journal Illustration I-15 Journalizing and posting the cash payments journal In a cash payments journal, companies record all disbursements of cash I-25 LO Cash Payments Journal Illustration I-15 Journalizing and posting the cash payments journal In a cash payments journal, companies record all disbursements of cash I-26 LO Cash Payments Journal Review Question Credit purchases of equipment or supplies other than merchandise are recorded in the: a cash payments journal b cash receipts journal c general journal d purchases journal I-27 LO Cash Payments Journal Review Question Cash payments of merchandise are recorded in the: a cash payments journal b cash receipts journal c general journal d purchases journal I-28 LO Effects of Special Journals on the General Journal I-29  Special journals substantially reduce the number of entries that companies make in the general journal  Only transactions that cannot be entered in a special journal are recorded in the general journal  Correcting, adjusting, and closing entries are made in the general journal LO Copyright “Copyright © 2014 John Wiley & Sons, Inc All rights reserved Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful Request for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc The purchaser may make back-up copies for his/her own use only and not for distribution or resale The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein.” I-30 ... the individual accounts in the related subsidiary ledger I- 3 LO Expanding the Ledger-Subsidiary Ledgers Subsidiary Ledger Example I- 4 Illustration I- 1 Relationship of general ledger and subsidiary... possible a division of labor I- 6 LO Appendix I Subsidiary Ledgers and Special Journals Accounting in Action Learning Objectives After studying this chapter, you should be able to: [1] Describe the... 2% discount LO Cash Receipts Journal Illustration I- 8 Journalizing and posting the cash receipts journal 2014 I- 16 LO 2014 Cash Receipts Journal Posting Illustration I- 8 Journalizing and posting
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