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Raising a new Generation of LeadersDEPARTMENT OF ACCOUNTINGCOLLEGE OF BUSINESS AND SOCIALSCIENCESCOURSE CODE/ TITLE: ACC 111(PRINCIPLES OF ACCOUNTING 1)
2WEEK 4THE SUBSIDIARY BOOKS AND THEIR USESLearning Objectives:Identify various subsidiary booksDefine various subsidiary books and theirusesIdentify the common feature(s) anddifferences amongthe various subsidiary booksPrepare various subsidiary books on theirown
3THE SUBSIDIARY BOOKS AND THEIR USESThe subsidiary books, otherwise called books oforiginal entry or prime entry are the bookswhere transactions are first and foremostrecorded before being posted into ledgers. Theentries in the subsidiary books are backed upby source documents.
What are source documents?
4
5The Source documentsinclude:Receipts:Areceiptevidencescashtransactions, which is receipt or payment ofcash. Receipts are recorded in cash book.Invoice: This is a source document thatevidences credit transactions which consistsofcreditsalesandcreditpurchases.Invoices are recorded in the sales day bookor in purchases day book.
6Pay-in slips and cheques:These are documents used inoperation of account with a bank. For a current account, pay-inslips or tellers are used to lodge money in the account, whilecheques are used to withdraw money. These documents are usedto support entries in the bank column of the cash book.Debit Note: This is the source document that establishes costsagainst the recipient. It serves as a form of supplementaryinvoice to increase the indebtedness of the recipient. It is used tocorrect an undercharge on invoices due to omissions orarithmetic errors. It support adjusting entries made in thejournal proper.

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Term
Spring
Professor
NoProfessor
Tags
Debits And Credits, Double entry bookkeeping system, invoice, Purchases Journal

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