CHAPTER 7 - CHAPTER 7 Topics Special Journals Subsidiary...

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CHAPTER 7 Topics Special Journals Subsidiary ledger Subsidiary Ledger level of detail is below the general ledger, required to maintain integrity in the accounting system…additional info needed to make accounting system work Accounts Receivable = $300 credit …but who owes us? We need a subsidiary ledger so we know who owes us what Customer A = debit 100 Customer B= 100 Customer C= 100 Can have this ANYWHERE but you NEED it for Account Receivable and Account Payable Special Journals --- paper with colums you can put in any account and all the numbers… now you only have to enter the final amount rather than every single one CASH -- 1) Cash receipt Journal (debit cash) / 2) cash disbursment Journal (credit cash since spending money) CREDIT—3) Purchase Journal (credit account payable) / 4) Salers Journal (debit account receivable) 1) General Journal—for everything else TEST FOR 7-8-9 Chapter 7- one of thes special journals Chaoter 8—bank reconcilation Chapter 9- Journal entries accounts receivable and notes receivable
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This note was uploaded on 10/05/2011 for the course ECON 2005 at Virginia Tech.

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CHAPTER 7 - CHAPTER 7 Topics Special Journals Subsidiary...

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