Subsidiary Ledgers and Special Journals
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Subsidiary Ledgers and Special Journals

Course Number: XACC 280 XACC 280, Spring 2011

College/University: University of Phoenix

Word Count: 349

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The four special journals for accounting can always reveal benefits from the organization of any companys charges or collections. Whenever a company receives money or spends money, it will be noted. This notation is stored in a journal. The only problem of the numerous expenditures of the company would be the vast number or collections and expenses. This could confuse accountants and the record holders of the...

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four The special journals for accounting can always reveal benefits from the organization of any companys charges or collections. Whenever a company receives money or spends money, it will be noted. This notation is stored in a journal. The only problem of the numerous expenditures of the company would be the vast number or collections and expenses. This could confuse accountants and the record holders of the company. These four special journals could help organize all the expenses in one journal, all the revenue in another, all the money given in another, and all the cash receipts in another. This would avoid numerous inputs for debits and credit charges. Another benefit could be organized into its own domain; however, the person handling it is specialized in the type of journal. For instance, there are different types of journals, so there are different types of workers who can handle them. This allows for higher accuracy and better knowledge of the journal versus one person handling all journals at once. The four journals are sales journal, the cash journal, receipts purchase journal, and the cash disbursement journal. The sales journal would be used for whenever merchandise is sold, the cash receipt journal would be used for all receipts there are credit or debit. Then there is the purchase journal that would be for office equipment or assets, which are purchased. Finally there is the cash disbursement journal which would be used for payments like accounts payable. A subsidiary ledger will group together all the accounts of the general ledger that is easier to read and allows for the diversity of labor, which allows for specialization. The control account is like a subsidiary ledger. It will sum up all the accounts for sales or purchases. When all accounts are added together the accounts they would be equaled to the control account. The two general ledger accounts that would act as controlled accounts would be the accounts receivable and accounts payable. Advantages of using controlled accounts make it easier to review and group together all individual accounts to avoid tedious repeated entries.

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