Week 4 check point Subsidiary Ledgers and Special Journals

Week 4 check point Subsidiary Ledgers and Special Journals...

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Brittney Bryson March 31, 2011 XACC/280 Week 4: check point: Subsidiary Ledgers and Special Journals The four special journals are Sales journal, receipt journal, purchase  journal and Cash journal. The sales journal allows you to save time on inserting  the entries because instead of placing the entries on three lines and in the  individual accounts you place the entries on one line and it reduces the amount of  errors in your entries. This would be use for a credit sale. Cash receipts journal  provides daily and weekly balances on cash only purchases. Purchases journal  would be used for single type entries with reoccurring transactions. This journal  would be used with any type of account of purchase records.  A cash payments 
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Unformatted text preview: journal would be used to record all the payments that have been made to the companys bank account. This journal would be used when the company made any payments from the account. A subsidiary ledger is a group of accounts with a common characteristic. Its purpose is to free the general ledger from the details of the individual balances. A control account is a general ledger that summarizes the data from the subsidiary ledger. The purpose of this is to clear up all the clutter on the general ledger and to make sure the balances of the accounts are correct. The purpose of the general account is to act as a control....
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