Week 6 Lecture Notes - Special Journal, Subsidiary & Control Accouts

Week 6 Lecture Notes - Special Journal, Subsidiary & Control Accouts

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THE UNIVERSITY OF NEW SOUTH WALES School of Accounting ACCT 1501: Accounting and Financial Management 1A Week 6 SPECCIAL JOURNAL, SUBSIDIARY & CONTROL ACCOUNTS Student Handout Lecturer: Dr. Youngdeok Lim School of Accounting UNSW QUAD 3069 [email protected] Blackboard: http://elearning.unsw.edu.au .
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WEEK 5: Special Journal, Subsidiary & Control Accounts 1. Introduction If you have followed the course to date, we are now in a position to complete the accounting cycle. This week we will complete the accounting cycle through to the financial statements using comprehensive class example. Secondly, we introduce the special journals and subsidiary ledgers, which can make record keeping easier. Learning objectives At the end of this topic you should be able to: Understand the worksheet Explain the function of the special journals Record appropriate transactions in special and general journals and subsidiary ledgers Understand and perform the function of posting to subsidiary ledgers and the general ledger Required Reading Trotman & Gibbins Chapter 5: Appendix 2. Tutorial Questions – Week 7 Students should attempt these questions before the tutorial. Preparation Questions Self study revision Tutorial Questions Mid Semester Exam in tutorial session Case 5A continued
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1 Accounting and Financial Management 1A Week 6, Session 1, 2011 Special Journal 1 Special Journal, Subsidiary & Control Accounts Dr. Youngdeok Lim QUAD 3069 Blockbuster shares plunge on bankruptcy warning (SMH, March 18, 2010) • Blockbuster shares plunged almost 30 per cent overnight after the heavily indebted movie rental chain said it may be forced to declare bankruptcy. • Blockbuster at one time operated as many as 7,200 stores in the Americas Europe Asia and Australia but has been 2 in the Americas, Europe, Asia and Australia but has been forced to close hundreds in recent years as consumers moved to other options such as online or on-demand film rentals. • Blockbuster said, "Our level of indebtedness may make it more difficult for us to pay our debts as they become due." • Blockbuster posted a net loss of $US434.9 million ($A476.29 million) in the fourth quarter on revenue of $US1.08 billion ($A1.18 billion). Today’s lecture objectives: Understand the worksheet •E xplain the function of the special journals 3 Record appropriate transactions in special and general journals and subsidiary ledgers Understand and perform the function of posting to subsidiary ledgers and the general ledgers
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2 1 SOURCE DOCUMENTS 2 JOURNAL ENTRIES 3 POST TO LEDGERS 4 A TRIAL BALANCE Recap: Accounting cycle During the accounting period 5 ADJUSTING JOURNAL ENTRIES 6 AN ADJUSTED TRIAL BALANCE 7 CLOSING JOURNAL ENTRIES 8 POST-CLOSING TRAIL BALANCE End of accounting period 9 FINANCIAL STATEMENTS Worksheet A worksheet is a pretty neat “tool” to help you prepare your financial statements It lists all the accounts vertically down the page starting with the Current assets/Non current assets 5
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Week 6 Lecture Notes - Special Journal, Subsidiary & Control Accouts

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