Scoring 1. Special journals create less efficient record keeping. _____ _____ 2. When a sales journal is used, there is no need to keep a controlling account for accounts receivable in the general ledger. _____ _____ 3. In special journals, each transaction is usually entered on two lines. _____ _____ 4. Each entry in a special journal must be posted individually to the general ledger. _____ _____ 5. A purchases journal is a special journal used to
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Chart of Accounts in the SUA packet of materials Documents Folder location of Employee Earnings Subsidiary Ledger in the SUA packet of materials SUA Instructions, Flowcharts and Ledgers location of Cash Receipts Journal in the SUA packet of materials SUA Journals location of General Ledger in the SUA packet of materials SUA Instructions, Flowcharts and Ledgers The reason for not permitting a person who has temporary or permanent custody of an asset to
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▪ Policies and procedures ▪ All transactions ▪ Adjusting entries information ▪ Trial balance - May ▪ Schedules of accounts - May ▪ Inventory cards - May ▪ Bank reconciliation - May ▪ Bank statement - June ▪ Special printing information ▪ Journals and ledgers instructions ▪ Inventory cards instructions You are now instructed to record transactions that occurred throughout the second week of June into the company's books. The week 2 transactions are listed below: |Week 2
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Service 2 REVENUE CYCLE (SUBSYSTEM) Cash Receipts/ Collections 6 Shipping 3 Billing/ Accounts Receivable 4/5 Journal Vouchers/Entries: How do we get them? Billing Dept. prepares a journal voucher: Accounts Receivable Sales DR CR Inventory Control Dept. prepares a journal voucher: Cost of Goods Sold Inventory DR CR Cash Receipts Dept. prepares a journal voucher: Cash Accounts Receivable DR CR 4 Sales Order Procedures Sales order procedures include the task involved
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2. 3. Journalizing (Recording) Posting to Ledger (Classifying) Final Account (Summarizing) Now Explain Steps:1 Recording:- This is the basic function of accounting. All business transaction, as evidenced by some documents such as Sale bill, Pass book, Salary Slip ect are recorded in the books of account. This is called recording process. 2. Classifying:- All entries in the Journal or books of Original Entry should be posted to the appropriate ledger accounts to find out at a glance the total
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Accg100 Accounting 1A Lecture Notes Semester 2, 2012 1 Table of Contents Lecture Notes Week 1: Introduction to Accounting, Ethics, Business Entities, Financial Statements Week 2: Accounting for Transactions –Part 1 Week 3: Accounting for Transactions –Part 2 Week 4: Accounting for Adjustments- Part 1 Week 5: Accounting for Adjustments- Part 2 Week 6: Completion of Accounting Cycle Accounting Systems Revision Chapters 1 – 4 Week 8: Accounting for Retailers Week 9: Accounting for Inventories
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Exercise 7-6 (Part level Submission) | | Gomes Company uses special journals and a general journal. The following transactions occurred during September 2014. Sept. 2 | | Sold merchandise on account to H. Drew, invoice no. 101, $620, terms n/30. The cost of the merchandise sold was $420. | 10 | | Purchased merchandise on account from A. Pagan $650, terms 2/10, n/30. | 12 | | Purchased office equipment on account from R. Cairo $6,500. | 21 | | Sold merchandise on account to G. Holliday
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Accg100 Accounting 1A Lecture Notes Staff version Semester 1, 2014 Table of Contents Lecture Notes Week 1: Week Week Week Week Week Week Week Week Week Week 2: 3: 4: 5: 6: 8: 9: 10: 11: 12 Introduction to Accounting, Ethics, Business Entities, Financial Statements Accounting for Transactions –Part 1 Accounting for Transactions –Part 2 Accounting for Adjustments- Part 1 Accounting for Adjustments- Part 2 Completion of Accounting Cycle Accounting Systems Revision Chapters 1 - 4 Accounting
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this involves approving Journal Entries, Analyzing balances, Account Payable, Expense Tracking, Researching Data and Assisting to Identify Variances, in addition, this position ensure that all regulations for each line of business are followed and the applicable reporting needed is met timely and accurately. 65%- Supervise the General Accounting processes including Account reconciliation, Receipts, Payments, Journal Entry Preparation and Posting to the General Ledger. Analyzes, Verifies and posts
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Payable account closer. This account is special. Look at the Control data tab and note what the Reconciliation account is. What is this all about? This is how the accounts payable subsidiary ledger is set up. Since it is accounts payable, the subsidiary ledger will contain entries for each vendor for which we do business. In SAP terminology this is termed a reconciliation account, since the subsidiary ledger must reconcile with the general ledger control account. 1.4 5001 Cost of Goods
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