checkpoint special journals

checkpoint special journals - group of similar accounts...

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CheckPoint: Subsidiary Ledgers and Special Journals The advantage to a sales journal is that it records all sells of items. The advantage to a cash receipts journal is that it contains all cash receipt transactions. A purchasing journal has the advantage of containing all of the company’s purchases. The cash payment journal is used to record every time a cash payment is made. You would use a sells journal to record when you sell a item to a person. The cash receipt journal would be used to record making a sell and being paid in cash. A purchasing journal would be used to record buying supplies off of another company if credit were used. A cash payment journal would be used to record anytime the company pays for something using cash. A subsidiary ledger is a
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Unformatted text preview: group of similar accounts ledger that when added equal the general ledger account amount. These ledgers are used to further explain the information on the general ledger so that it can be checked and verified. A control account is a summary in the general ledger it is used to keep the general ledger free of clutter. The advantage to using subsidiary ledgers would be that it would make your books more accurate and would allow you to notice and fix mistakes in the general ledger. Accounts receivable and accounts payable could be used as control accounts for a subsidiary ledger....
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