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Special journal hyper Special journal hyper Presentation Transcript

  • Special JournalsSELLINGBUYING C5 - 1
  • Special JournalsSELLINGRendering of services on account recorded Revenue Journal inBUYING C5 - 2
  • Special JournalsSELLINGRendering of services on account recorded Revenue Journal inReceipt of cash from any source recorded Cash Receipts Journal inBUYING C5 - 3
  • Special JournalsSELLINGRendering of services on account recorded Revenue Journal inReceipt of cash from any source recorded Cash Receipts Journal inBUYINGPurchase of items on account recorded Purchases Journal in C5 - 4
  • Special JournalsSELLINGRendering of services on account recorded Revenue Journal inReceipt of cash from any source recorded Cash Receipts Journal inBUYINGPurchase of items on account recorded Purchases Journal inPayment of cash for any purpose recorded Cash Payments Journal in C5 - 5
  • The Revenue Journal Revenue Journal Page 35 Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit3/2 615 MyMusicClub.com 2,2003/6 616 RapZone.com 1,7503/18 617 Web Cantina 2,6503/27 618 MyMusicClub.com 3,000 Totals 9,600 All sales on account are recorded in this journal. Each sales invoice is listed in numerical order. This journal is often referred to as an invoice register. C5 - 6
  • Posting to the Subsidiary Ledger Revenue Journal Page 35 Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit 3/2 615 MyMusicClub.com 2,200 3/6 616 RapZone.com 1,750 3/18 617 Web Cantina 2,650 3/27 618 MyMusicClub.com 3,000 Totals 9,600Each debit is Accounts Receivable Subsidiary Ledgerposted to the MyMusicClub.comaccountsreceivable Date Item P.R. Debit Credit Balancesubsidiaryledger. C5 - 7
  • Posting to the Subsidiary Ledger Revenue Journal Page 35 Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit 3/2 615 MyMusicClub.com  2,200 3/6 616 RapZone.com 1,750 3/18 617 Web Cantina 2,650 3/27 618 MyMusicClub.com 3,000 Totals 9,600Each debit is Accounts Receivable Subsidiary Ledgerposted to the MyMusicClub.comaccountsreceivable Date Item P.R. Debit Credit Balancesubsidiary 3/2 R35 2,200 2,200ledger. C5 - 8
  • Posting to the Subsidiary Ledger Revenue Journal Page 35 Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit 3/2 615 MyMusicClub.com  2,200 3/6 616 RapZone.com  1,750 3/18 617 Web Cantina  2,650 3/27 618 MyMusicClub.com  3,000 Totals 9,600Each debit is Accounts Receivable Subsidiary Ledgerposted to the MyMusicClub.comaccountsreceivable Date Item P.R. Debit Credit Balancesubsidiary 3/1 R35 2,200 2,200ledger. 3/27 R35 3,000 5,200 C5 - 9
  • Posting to the General Ledger Revenue Journal Page 35 Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit 3/2 615 MyMusicClub.com  2,200 3/6 616 RapZone.com  1,750 3/18 617 Web Cantina  2,650 3/27 618 MyMusicClub.com  3,000 Totals 9,600The total is General Ledgerposted to Account: Accounts Receivable No. 12AccountsReceivable Date Item P.R. Debit Credit BalanceAND to Fees 3/1 Bal  3,400Earned. C5 - 10
  • Posting to the General Ledger Revenue Journal Page 35 Invoice Post Accts. Rec. – Debit Date No. Account Debited Ref. Fees Earned – Credit 3/2 615 MyMusicClub.com  2,200 3/6 616 RapZone.com  1,750 3/18 617 Web Cantina  2,650 3/27 618 MyMusicClub.com  3,000 Totals 9,600 (12) (41)The total is General Ledgerposted to Account: Accounts Receivable No. 12AccountsReceivable Date Item P.R. Debit Credit BalanceAND to Fees 3/1 Bal  3,400Earned. 3/31 R35 9,600 13,000 C5 - 11
  • The Cash Receipts Journal Cash Receipts Journal Page 14 Other Accounts Post Accounts Receivable CashDate Account Credited Ref. Credit Credit Debit3/1 Rent Revenue 400 4003/19 Web Cantina 3,400 3,4003/28 MyMusicClub.com 2,200 2,2003/30 RapZone.com 1,750 1,750 Totals 400 7,350 7,750 All cash received from any source is recorded in this journal. The total Cash Debit column equals the total of the two credit columns. C5 - 12
  • Posting to the Subsidiary Ledger Cash Receipts Journal Page 14 Other Accounts Post Accounts Receivable Cash Date Account Credited Ref. Credit Credit Debit 3/1 Rent Revenue 400 400 3/19 Web Cantina 3,400 3,400 3/28 MyMusicClub.com 2,200 2,200 3/30 RapZone.com 1,750 1,750 Totals 400 7,350 7,750Each Accounts Accounts Receivable Subsidiary LedgerReceivable credit is Web Cantinaposted to the Date Item P.R. Debit Credit Balanceaccounts receivable 3/1 Bal  3,400subsidiary ledger. 3/27 R35 2,650 6,050 C5 - 13
  • Posting to the Subsidiary Ledger Cash Receipts Journal Page 14 Other Accounts Post Accounts Receivable Cash Date Account Credited Ref. Credit Credit Debit 3/1 Rent Revenue 400 400 3/19 Web Cantina  3,400 3,400 3/28 MyMusicClub.com 2,200 2,200 3/30 RapZone.com 1,750 1,750 Totals 400 7,350 7,750Each Accounts Accounts Receivable Subsidiary LedgerReceivable credit is Web Cantinaposted to the Date Item P.R. Debit Credit Balanceaccounts receivable 3/1 Bal  3,400subsidiary ledger. 3/18 R35 2,650 6,050 3/19 CR14 3,400 2,650 C5 - 14
  • Posting to the General Ledger Cash Receipts Journal Page 14 Other Accounts Post Accounts Receivable Cash Date Account Credited Ref. Credit Credit Debit 3/1 Rent Revenue 400 400 3/19 Web Cantina  3,400 3,400 3/28 MyMusicClub.com  2,200 2,200 3/30 RapZone.com  1,750 1,750 Totals 400 7,350 7,750 ( )The three General Ledgerhighlighted Account: Accounts Receivable No. 12items are Date Item P.R. Debit Credit Balanceposted to thegeneral ledger. 3/1 Bal  3,400 3/31 R35 9,600 13,000 C5 - 15
  • Posting to the General Ledger Cash Receipts Journal Page 14 Other Accounts Post Accounts Receivable Cash Date Account Credited Ref. Credit Credit Debit 3/1 Rent Revenue 42 400 400 3/19 Web Cantina  3,400 3,400 3/28 MyMusicClub.com  2,200 2,200 3/30 RapZone.com  1,750 1,750 Totals 400 7,350 7,750 ( ) (12) (11)The three General Ledgerhighlighted Account: Accounts Receivable No. 12items are Date Item P.R. Debit Credit Balanceposted to thegeneral ledger. 3/1 Bal  3,400 3/31 R35 9,600 13,000 3/31 CR14 7,350 5,650 C5 - 16
  • Account: Accounts Receivable No. 12General Ledger Date Item P.R. Debit Credit Balance Accounts 3/1 Bal.  3,400 Receivable 3/31 R35 9,600 13,000Control Account 3/31 CR14 7,350 5,650 If the accounts receivable account in the general ledger only shows summary totals, where are the individual customer balances? C5 - 17
  • Account: Accounts Receivable No. 12General Ledger Date Item P.R. Debit Credit Balance Accounts 3/1 Bal.  3,400 Receivable 3/31 R35 9,600 13,000Control Account 3/31 CR14 7,350 5,650 MyMusicClub.com Date Item P.R. Debit Credit Balance 3/2 R35 2,200 2,200 3/27 R35 3,000 5,200 Accounts 3/28 CR14 2,200 3,000 Receivable RapZone.com Subsidiary Date Item P.R. Debit Credit Balance 3/6 R35 1,750 1,750 Ledger 3/30 CR14 1,750 0 Web Cantina Date Item P.R. Debit Credit Balance 3/1 Bal.  3,400 3/18 R35 2,650 6,050 3/19 CR14 3,400 2,650 C5 - 18
  • Account: Accounts Receivable No. 12General Ledger Date Item P.R. Debit Credit Balance Accounts 3/1 Bal.  3,400 Receivable 3/31 R35 9,600 13,000Control Account 3/31 CR14 7,350 5,650 MyMusicClub.com Date Item P.R. Debit Credit Balance 3/2 R35 2,200 2,200 3/27 R35 3,000 5,200 Accounts 3/28 CR14 2,200 3,000 Receivable RapZone.com Subsidiary Date Item P.R. Debit Credit Balance 3/6 R35 1,750 1,750 Ledger 3/30 CR14 1,750 0 Web Cantina Date Item P.R. Debit Credit Balance 3/1 Bal.  3,400 3/18 R35 2,650 6,050 3/19 CR14 3,400 2,650 C5 - 19
  • The Purchases Journal Purchases Journal Page 11 Accts. Other Post Payable Supplies Accounts PostDate Account Credited Ref. Credit Debit Debit Ref. Amount3/3 Howard Supplies 600 6003/7 Donnelly Supplies 420 4203/12 Jewett Bus. Syst. 2,800 Office Equip. 2,8003/19 Donnelly Supplies 1,450 1,4503/27 Howard Supplies 960 960 Totals 6,230 3,430 2,800 All purchases on account are recorded in this journal. The total credits to Accounts Payable equals the total of the two debit columns. C5 - 20
  • Posting to the Subsidiary Ledger Purchases Journal Page 11 Accts. Other Post Payable Supplies Accounts PostDate Account Credited Ref. Credit Debit Debit Ref. Amount3/3 Howard Supplies 600 6003/7 Donnelly Supplies 420 4203/12 Jewett Bus. Syst. 2,800 Office Equip. 2,8003/19 Donnelly Supplies 1,450 1,4503/27 Howard Supplies 960 960 Totals 6,230 3,430 2,800 Each credit is Accounts Payable Subsidiary Ledger posted to the Howard Supplies accounts payable Date Item P.R. Debit Credit Balance subsidiary ledger. C5 - 21
  • Posting to the Subsidiary Ledger Purchases Journal Page 11 Accts. Other Post Payable Supplies Accounts PostDate Account Credited Ref. Credit Debit Debit Ref. Amount3/3 Howard Supplies  600 6003/7 Donnelly Supplies 420 4203/12 Jewett Bus. Syst. 2,800 Office Equip. 2,8003/19 Donnelly Supplies 1,450 1,4503/27 Howard Supplies 960 960 Totals 6,230 3,430 2,800 Each credit is Accounts Payable Subsidiary Ledger posted to the Howard Supplies accounts payable Date Item P.R. Debit Credit Balance subsidiary ledger. 3/3 P11 600 600 C5 - 22
  • Posting to the Subsidiary Ledger Purchases Journal Page 11 Accts. Other Post Payable Supplies Accounts PostDate Account Credited Ref. Credit Debit Debit Ref. Amount3/3 Howard Supplies  600 6003/7 Donnelly Supplies  420 4203/12 Jewett Bus. Syst.  2,800 Office Equip. 2,8003/19 Donnelly Supp.  1,450 1,4503/27 Howard Supplies  960 960 Totals 6,230 3,430 2,800 Each credit is Accounts Payable Subsidiary Ledger posted to the Howard Supplies accounts payable Date Item P.R. Debit Credit Balance subsidiary ledger. 3/3 P11 600 600 3/27 P11 960 1,560 C5 - 23
  • Posting to the General Ledger Purchases Journal Page 11 Accts. Other Post Payable Supplies Accounts PostDate Account Credited Ref. Credit Debit Debit Ref. Amount3/3 Howard Supplies  600 6003/7 Donnelly Supplies  420 4203/12 Jewett Bus. Syst.  2,800 Office Equip. 2,8003/19 Donnelly Supp.  1,450 1,4503/27 Howard Supplies  960 960 Totals 6,230 3,430 2,800  General Ledger The highlighted Date Item P.R. Debit Credit Balance Account: Accounts Payable No. 21 items are posted Date Item P.R. Debit Credit Balance to the general ledger. 3/1 Bal.  1,230 C5 - 24
  • Posting to the General Ledger Purchases Journal Page 11 Accts. Other Post Payable Supplies Accounts PostDate Account Credited Ref. Credit Debit Debit Ref. Amount3/3 Howard Supplies  600 6003/7 Donnelly Supplies  420 4203/12 Jewett Bus. Syst.  2,800 Office Equip. 18 2,8003/19 Donnelly Supp.  1,450 1,4503/27 Howard Supplies  960 960 Totals 6,230 3,430 2,800 ( 21) (14) ( ) General Ledger The highlighted Date Item P.R. Debit Credit Balance Account: Accounts Payable No. 21 items are posted Date Item P.R. Debit Credit Balance to the general ledger. 3/1 Bal.  1,230 3/31 P11 6,230 7,460 C5 - 25
  • The Cash Payments Journal Cash Payments Journal Page 7 Other Accounts Ck. Post Accounts Payable CashDate No. Account Debited Ref. Debit Debit Credit3/2 150 Rent Expense 1,600 1,6003/15 151 Grayco Supplies 1,230 1,2303/21 152 Jewett Bus. Syst. 2,800 2,8003/22 153 Donnelly Supp. 420 4203/30 154 Utilities Expense 1,050 1,0503/31 155 Howard Supplies 600 600 Totals 2,650 5,050 7,700 All cash payments are recorded in this journal. Every check is listed in numerical order. This journal is often referred to as a check register. C5 - 26
  • Posting to the Subsidiary Ledger Cash Payments Journal Page 7 Other Accounts Ck. Post Accounts Payable CashDate No. Account Debited Ref. Debit Debit Credit3/2 150 Rent Expense 1,600 1,6003/15 151 Grayco Supplies 1,230 1,2303/21 152 Jewett Bus. Syst. 2,800 2,8003/22 153 Donnelly Supp. 420 4203/30 154 Utilities Expense 1,050 1,0503/31 155 Howard Supplies 600 600 Totals 2,650 5,050 7,700 Accounts Payable Subsidiary LedgerEach AccountsPayable debit is Grayco Suppliesposted to the Date Item P.R. Debit Credit Balanceaccounts payable 3/1 Bal.  1,230subsidiary ledger. C5 - 27
  • Posting to the Subsidiary Ledger Cash Payments Journal Page 7 Other Accounts Ck. Post Accounts Payable CashDate No. Account Debited Ref. Debit Debit Credit3/2 150 Rent Expense 1,600 1,6003/15 151 Grayco Supplies  1,230 1,2303/21 152 Jewett Bus. Syst. 2,800 2,8003/22 153 Donnelly Supp. 420 4203/30 154 Utilities Expense 1,050 1,0503/31 155 Howard Supplies 600 600 Totals 2,650 5,050 7,700 Accounts Payable Subsidiary LedgerEach AccountsPayable debit is Grayco Suppliesposted to the Date Item P.R. Debit Credit Balanceaccounts payable 3/1 Bal.  1,230subsidiary ledger. 3/15 CP7 1,230 0 C5 - 28
  • Posting to the General Ledger Cash Payments Journal Page 7 Other Accounts Ck. Post Accounts Payable CashDate No. Account Debited Ref. Debit Debit Credit3/2 150 Rent Expense 1,600 1,6003/15 151 Grayco Supplies  1,230 1,2303/21 152 Jewett Bus. Syst.  2,800 2,8003/22 153 Donnelly Supp.  420 4203/30 154 Utilities Expense 1,050 1,0503/31 155 Howard Supplies  600 600 Totals 2,650 5,050 7,700 ( ) General LedgerThe highlighted Date Item P.R. Debit Credit Balance Account: Accounts Payable No. 21items are postedto the generalledger. 3/1 Bal.  1,230 3/31 P11 6,230 7,460 C5 - 29
  • Posting to the General Ledger Cash Payments Journal Page 7 Other Accounts Ck. Post Accounts Payable CashDate No. Account Debited Ref. Debit Debit Credit3/2 150 Rent Expense 52 1,600 1,6003/15 151 Grayco Supplies  1,230 1,2303/21 152 Jewett Bus. Syst.  2,800 2,8003/22 153 Donnelly Supp.  420 4203/30 154 Utilities Expense 54 1,050 1,0503/31 155 Howard Supplies  600 600 Totals 2,650 5,050 7,700 ( ) (21) (11) General LedgerThe highlighted Date Item P.R. Debit Credit Balance Account: Accounts Payable No. 21items are postedto the generalledger. 3/1 Bal.  1,230 3/31 P11 6,230 7,460 3/31 CP7 5,050 2,410 C5 - 30