西方財(cái)務(wù)會(huì)計(jì)-Chapter4

2023/5/221Chapter4SPECIALJOURNALS2023/5/222ReasonsforusingspecialjournalsIfeachtransactionwasrecordedinthegeneraljournalandthenpostingtothegeneralledger,that’stime-consumingandwasteful.Thespecialjournalwillreducedetailrecording.Reducesthepostingworking.Haveabetterdivisionoflabor.2023/5/223USEOFSPECIALJOURNALSANDTHEGENERALJOURNALSalesJournal(S)CashReceiptsJournal(CR)PurchasesJournal(P)CashPaymentsJournal(CD)GeneralJournal(J)Usedfor:AllsalesofmerchandiseonaccountUsedfor:Allcashreceived(includingcashsales)Usedfor:AllpurchasesofmerchandiseonaccountUsedfor:Allcashpaid(includingcashpurchases)Usedfor:Transactionsthatcannotbeenteredinaspecialjournal,includingcorrecting,adjusting,andclosingentriesThetypesofspecialjournalsuseddependlargelyonthetypesoftransactionsthatoccurfrequentlyinabusinessenterprise.2023/5/224GeneraljournalInadditiontofourspecialjournals,ageneraljournal(J)isusedforrecordingtransactionsthatnotfitintofourspecialjournals.Itisalsousedtorecordadjustingandclosingentries.2023/5/225SalesjournalOnlysalesonaccountarerecordedinthesalesjournal.Cashsalesarerecordedinthecashreceiptsjournal.2023/5/226TheproceduretorecordthesalesjournalRecordthesalesoncreditdaybydayinthesalesjournal.Attheendofthemonth,addtheamountandposttothegeneralledger(Dr:Accountsreceivable;Cr:Sales)Placeapostingref.(accountnumber)Inthegeneralledger,placethesourceoftheentryineachaccount.2023/5/227DateAccountDebitedPRAmountFeb.121224A.AndersonB.ButlerC.ChaseD.Davis$400700250800$2,150(12)(41)SalesJournalAccountsRecSalesFeb.28S-1$2,15012Feb.28S-1$2,15041134S-12Example1p1022023/5/228SalesreturnsIflotsoftransactionsoccurinwhichcustomersreturngoods,wecanusethesalesreturnsjournalasthespecialjournal.Otherwisethegeneraljournalissufficient.DateAccountCreditedPRAmountJan.510LawtonCo.Paton$1600

400$2000(12)(42)SalesReturnsJournal2023/5/229SUBSIDIARYLEDGERSAgroupofaccounts WithacommoncharacteristicsuchasaccountsreceivableisassembledFacilitatestherecordingprocessfreeingthegeneralledgerfromdetailsconcerningindividualbalancesTwocommonsubsidiaryledgersAccountsReceivableLedgerAccountsPayableLedger2023/5/2210Advantagesofsubsidiary(special)ledgersReducesledgerdetail.Permitsbetterdivisionoflabor.PermitsadifferentsequenceofaccountsPermitsbetterinternalcontrol.2023/5/2211SUBSIDIARYLEDGERSAdvantages

1Showstransactionsaffectingonecustomeror onecreditorinasingleaccount2Freesthegeneralledgerofexcessivedetails3Helpslocateerrorsinindividualaccounts4Reducesthenumberofaccountsinone ledgerandbyusingcontrolaccounts5Divisionoflaborinposting

Oneemployeepoststothegeneralledger Anotheremployeepoststothesubsidiaryledger2023/5/2212CONTROLACCOUNTControlaccountGeneralLedgeraccountwhichsummarizessubsidiaryledgerdataSubsidiaryLedger generalledgercontrolaccountbalanceequalsthecompositebalanceoftheindividualaccountsinthesubsidiaryledger2023/5/2213AccountsreceivableledgerInordertobecapableofsupplyinginformationconcerningthebusiness’saccountsreceivable,afirmneedsaseparateaccountforeachcustomer.Thesecustomer’saccountsaregroupedtogetherinasubsidiaryledger—accountsreceivableledger.2023/5/2214AccountsreceivableledgerEachtimetheaccountsreceivable(controlaccount)isincreasedordecreased,acustomer’saccountintheaccountsreceivableledgermustalsobeincreasedordecreasedbythesameamount.Theyareusuallykeptinalphabeticalorder.2023/5/2215Theprocedureforpostingtospecial(subsidiary)ledgerAfterthesaleisentered,theamountofthesaleisimmediatelypostedasadebittothecustomer’saccountinthesubsidiaryaccountsreceivableledger.Inthesalesjournal,placeacheckmark(√)inthepostreferencecolumn.2023/5/2216DateAccountDebitedPRAmountFeb.121224A.AndersonB.ButlerC.ChaseD.Davis√√√√$400700250800$2,150(12)(41)SalesJournalFeb1S-1$400A.AndersonFeb3S-1$700B.ButlerFeb.12S-1$250C.ChaseFeb24S-1$800D.DavisFeb28S-1$2,150AccountsReceivable12Sales41Feb28S-1$2,150S-12023/5/2217ThecheckingprocedureforaccuracyofpostingAttheendofthemonth,thebookkeeperpreparesalistofallopenaccounts—scheduleofaccountsreceivable.Thetotalamountfromthescheduleshouldagreewiththebalanceinthecontrolaccountofaccountsreceivable.2023/5/2218AAndersonB.ButlerC.ChaseD.DavisS400700250800$2,150ScheduleofAccountsReceivableFebruary28199XFeb28S-1$2,150AccountsReceivable122023/5/2219TypesofledgeraccountformsTheTaccounthasbeenusedformostillustration.Thethree-columnaccountmaybeusedtoo.DatePRDebitCreditBalanceA.Andersom2023/5/2220TradediscountsTradediscountsisthemanufacturersandwholesalersofferdeductionsfromlistpricestodealerswhobuyinlargequantitiesThetradediscountsarenotrecordedintheaccountingrecords,onlytodeterminethenetpurchaseprice.2023/5/2221PurchasesjournalThepurchasesjournalapplythesamebasicprincipleswiththesalesjournals.Variouskindsofgoods(equipment,supplies,andsoon)areboughtoncredit,therefore,thepurchasesjournalcanbeexpandedmorethanonecolumn.2023/5/2222PurchasesJournalDateAccountCrPRAcctPayCrPurchasesDrSuppliesDrSundryAccDrPRAmtJan468152128AginCoBakerCoConnelyCoDavisCoBakerCoAginCo√√√√√√2,0001,00018,00022,0004004,00047,400(21)2,0004,0006,000(51)1,0004001,400(14)

EquipmentLand182718,00022,00040,000(√)P-112Jan31P-147,400AccountsPayableJan31P-16,000PurchasesJan8P-118,000Equipment18AginJan42,0003421512023/5/2223SubsidiaryaccountspayableledgerAfirmthatpurchasesonaccounts(accountspayable)woulddothesamethingastheaccountsreceivable.Duringthemonth,eachindividualcreditentryispostedfromthepurchasesjournaltothecreditor’saccountinthesubsidiaryledger.2023/5/2224SubsidiaryaccountspayableledgerWhenapurchaseonaccountismade,theinvoiceisthebasisforrecordingthecreditor’saccount.Whenapaymentismade,theaccountisdebited.Anycreditbalancerepresentanunpaidbalance.2023/5/2225SubsidiaryaccountspayableledgerAscheduleofaccountspayableispreparedtoprovethetotalamountofthesubsidiaryledgerisequaltotheamountincontrollingaccountspayable.AginCorpBakerCorpConnelyCoR.DavisCoTotal$6,0001,40018,00022,000$47,400ScheduleofAccountsPayableAccountsPayable21Jan.31P-147,4002023/5/2226CashreceiptsjournalAllcashorchecksreceivedbyabusinessarerecorded.TwosourcesofcashreceiptsCashsalesCollectionsonaccount2023/5/2227ThestepsforrecordingandpostingthecashreceiptsDebitingcashfortheamountreceivedandcreditingforthesourceofcash.Afterrecordingcollectionsonaccount,postbydatetothesubsidiaryledgeraccount.Totalallthecolumnsandcheckiftheybalanceattheendofthemonth,andclosealltheaccount.Postingtogeneralledger.2023/5/2228CashReceiptsJournalDateAccountCrP.RCashDrSalesDicDrAccountsRecCrSalesIncomeCrSundryCrMar.249142229PurchaseReturnsCashSalesA.AndersonB.ButlerCashSalesC.Chase52√√√√√5007001007004002001007002007004005002,600(11)1,000(14)1,100(41)500(√)1.?Theaccounttitleforsundry1.(a)Customer’snameforcollections1.(b)Explanationforcashsale2023/5/2229CashdisbursementsjournalThecashdisbursementsjournalisusedtorecordallthepaymenttransactions.ThesetransactionsmayarisefromPaymenttocreditorsCashpurchasesPaymentofexpenses2023/5/2230TheprocedureforrecordingandpostingthecashdisbursementWhenpaymentismade,thechecknumbersiswritten,theyhelpincontrollingcashandinreconcilingthebankaccount.Thecashcreditcolumnispostedintotaltothegeneralledgerattheendofmonth.Theindividualaccountspayablewillbepostedtothecreditors’accounts.Thesundrycolumnispostedseparatelytothegeneralledger2023/5/2231CashDisbursementJournalDateDescriptionP.RCheckno.CashCrAcct.PayDrSundryDrMar.2815182124AginCorpRentExpenseSalariesExpenseBakerCorpPurchasesSalariesExpense√5354√51541234561,2004403,8001,4003,2003,80013,840(11)1,2001,4002,600(21)4403,8003,2003,80011,240(√)Eachiteminsundrycolumnispostedseparatelytothegeneralledger,thetotalsundryisnotposted.2023/5/2232CombinationcashjournalSomecompanies,primarilyforconvenience,prefertorecordallcashtransactions(receiptsanddisbursements)inonejournal.Thisjournalkeepstrackofchangesinthecashaccountontheday-to-daybasis.2023/5/2233Testforchapter3&41.FromthetrialbalanceoftheMichalSalesCompany,asofDecember31,whichfollows,(1)prepareaneight-columnworksheetand(2)prepareallnecessaryadjustingandclosingentries,usingthefollowingadditionalinformationforyear-endadjustments:(a)merchandiseinventoryonDecember31,$42,000;(b)suppliesinventory,December31,$4,000;?insuranceexpiredduringthisyear,$2,000;(d)depreciationforthecurrentyear,$800;(e)salariesaccruedonDecember31,$400.2023/5/2234MichalSalesCompany

TrialBalanceCash$15,000AccountsReceivable6,500MerchandiseInventory38,100Supplies4,200PrepaidInsurance8,000Equipment15,100AccumulatedDepreciation$4,400AccountsPayable11,200Michal,Capital37,0002023/5/2235MichalSalesCompany

TrialBalance(continued)Michal,Drawing2,400SalesIncome98,200Purchases42,100PurchaseReturns300SalariesExpense11,200RentExpense4,500GeneralExpense4,000$151,100$151,1002023/5/2236Ex.10S.PerkbeganbusinessonMarch1.ThetransactionscompletedbytheCompanyforthemonthofMarcharelistedbelow.Recordthesetransactions,usingfourspecialjournalsandageneraljournal.Mar.1Deposited$18,000inabankaccountfortheoperationofPerkCompany.2Paidrentforthemonth,$600,check#1.4PurchasedequipmentonaccountfromAntonEquipment,$10,000.7.PurchasedmerchandiseonaccountfromBailyCompany,$1,200.2023/5/2237

7.Cashsalesfortheweek,$1,650.10.Issuedcheck#2of$150forstoresupplies.11.SoldmerchandiseonaccounttoMannyCompany,$600.12.SoldmerchandiseonaccounttoNantCompany,$350.14.Paidbiweeklysalariesof$740,check#3.14Cashsalesfortheweek,$1,800.16PurchasedmerchandiseonaccountfromCotinCompany,$1,000.2023/5/2238

17Issuedcheck#4toBailyCompanyforMar.7purchase,less2%discount.18Bought$250worthofstoresuppliesfromSalioSupplyHouseonaccount.19Returneddefectivemerchandiseof$200toCotinCompanyandreceivedcreditmemo.19SoldmerchandiseonaccounttoOlinCompany,$645.21IssuedCheck#5of$500toAndonEquipmentinpartpaymentofequipmentpurchase.22ReceivedcheckfromNantCompanyinsettlementoftheirMarch.12purchase,less2%discount.2023/5/223922PurchasedmerchandisefromCannyCorporateforcash$750,check#6.23Cashsalesfortheweek,$1,845.24PurchasedmerchandiseonaccountfromDailyCorporation,$850.25SoldmerchandiseonaccounttoPallitCo,$740.26Purchasedadditionalsuppliesonaccount$325,fromSalioSupplyHouse.2023/5/2240

27ReceivedcheckfromMannyCompanyinsettlementoftheiraccountonMarch11,less1%discount.30Cashsalesfortheweek,$1,920.30Received$30