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Lecture 7 - Accounting 1A Lecture 7 The Accounting...

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1 1 Accounting 1A - Lecture 7 The Accounting Subsystem: Special Journals and Subsidiary Ledgers Lecturer: Sharron O’Neill Text reference: Chapter 6, Mladenovic, Carlon, Loftus, Palm, Kimmel, Kieso & Weygandt 2 Learning Objectives 9 Review the basic principles of accounting information systems 9 Explain the purpose of accounting subsystems: 9 control accounts and subsidiary ledgers 9 special journals 9 Demonstrate the ability to record transactions in special journals and correctly post entries to the general and subsidiary ledgers 9 Demonstrate the ability to reconcile subsidiary ledger to control accounts 3 The Accounting Cycle Steps in the cycle Accounting Records 1. Recognise & analyse transactions 2. Journalise transactions 3. Post to ledger accounts 4. Prepare trial balance of GL 6. Prepare financial statements Source documents General & Special Journals General ledger Trial balance Financial statements 5. Prepare & post adjusting entries General Journal & Ledger
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