西方财务会计4.pptx

会计学1西方财务会计西方财务会计42023/3/132Reasons for using special journalsqqIf each transaction was recorded in the general journal and then posting to the general ledger,thats time-consuming and wasteful.qqThe special journal will reduce detail recording.qqReduces the posting working.qqHave a better division of labor.第1页/共46页2023/3/133USE OF SPECIAL JOURNALS AND THE GENERAL JOURNALSalesJournal(S)Cash ReceiptsJournal(CR)Purchases Journal(P)Cash PaymentsJournal(CD)GeneralJournal(J)Used for:All sales ofmerchandiseon accountUsed for:All cash received(including cash sales)Used for:All purchasesof merchandiseon accountUsed for:All cash paid (includingcashpurchases)Used for:Transactionsthat cannotbe enteredin a specialjournal,includingcorrecting,adjusting,and closing entriesThe types of special journals used depend largely on the types of transactions that occur frequently in a business enterprise.第2页/共46页2023/3/134General journaln nIn addition to four special journals,a general journal In addition to four special journals,a general journal(J)is used for recording transactions that not fit into(J)is used for recording transactions that not fit into four special journals.four special journals.n nIt is also used to record adjusting and closing entries.It is also used to record adjusting and closing entries.第3页/共46页2023/3/135Sales journal n nOnly Only sales on accountsales on account are recorded in the sales are recorded in the sales journal.journal.n nCash salesCash sales are recorded in the cash receipts journal.are recorded in the cash receipts journal.第4页/共46页2023/3/136The procedure to record the sales journalThe procedure to record the sales journal1.1.Record the sales on credit day by day in the sales journal.2.2.At the end of the month,add the amount and post to the general ledger(Dr:Accounts receivable;Cr:Sales)3.3.Place a posting ref.(account number)4.4.In the general ledger,place the source of the entry in each account.第5页/共46页2023/3/137Date Account DebitedPRAmountFeb.1 2 12 24A.AndersonB.ButlerC.ChaseD.Davis$400700250800$2,150(12)(41)Sales JournalAccounts RecSalesFeb.28 S-1$2,15012Feb.28 S-1$2,15041134S-12Example 1 p102第6页/共46页2023/3/138Sales returnsn nIf lots of transactions occur in which customers If lots of transactions occur in which customers return goods,we can use the sales returns journal return goods,we can use the sales returns journal as the special journal.as the special journal.n nOtherwise the general journal is sufficient.(pOtherwise the general journal is sufficient.(p105105)Date Account CreditedPRAmountJan.5 10Lawton Co.Paton$1 600 400$2 000(12)(42)Sales Returns Journal第7页/共46页2023/3/139SUBSIDIARY LEDGERSn nA group of accountsA group of accountsn nWith a common characteristic such as accounts With a common characteristic such as accounts receivable is assembled receivable is assembled n nFacilitates the recording process freeing the Facilitates the recording process freeing the general ledger from details concerning general ledger from details concerning individual balancesindividual balancesn nTwo common subsidiary ledgers Two common subsidiary ledgers n nAccounts Receivable Ledger Accounts Receivable Ledger n nAccounts Payable LedgerAccounts Payable Ledger第8页/共46页2023/3/1310Advantages of subsidiary(special)ledgers(p103)n nReduces ledger detail.Reduces ledger detail.n nPermits better division of labor.Permits better division of labor.n nPermits a different sequence of accountsPermits a different sequence of accountsn nPermits better internal control.Permits better internal control.第9页/共46页2023/3/1311SUBSIDIARY LEDGERSAdvantagesAdvantages 1 1 Shows transactions affecting one customer or Shows transactions affecting one customer or one creditor in a single accountone creditor in a single account2 2 Frees the general ledger of excessive details Frees the general ledger of excessive details3 3 Helps locate errors in individual accountsHelps locate errors in individual accounts4 4 Reduces the number of accounts in one Reduces the number of accounts in one ledger and by using control ledger and by using control accountsaccounts5 5 Division of labor in posting Division of labor in posting n nOne employee posts to the general ledger One employee posts to the general ledger n nAnother employee posts to the subsidiary ledgerAnother employee posts to the subsidiary ledger第10页/共46页2023/3/1312CONTROL ACCOUNTn nControl account n nGeneral Ledger account which General Ledger account which summarizes subsidiary ledger data summarizes subsidiary ledger data n nSubsidiary Ledgern ngeneral ledger control account general ledger control account balance equals the composite balance balance equals the composite balance of the individual accounts in the of the individual accounts in the subsidiary ledgersubsidiary ledger第11页/共46页2023/3/1313Accounts receivable ledgern nIn order to be capable of supplying information concerning the businesss accounts receivable,a firm needs a separate account for each customer.n nThese customers accounts are grouped together in a subsidiary ledgeraccounts receivable ledger.第12页/共46页2023/3/1314Accounts receivable ledgern nEach time the accounts receivable(control account)is increased or decreased,a customers account in the accounts receivable ledger must also be increased or decreased by the same amount.n nThey are usually kept in alphabetical order.第13页/共46页2023/3/1315The procedure for posting to special(subsidiary)ledger1.1.After the sale is entered,the amount of the sale is immediately posted as a debit to the customers account in the subsidiary accounts receivable ledger.2.2.In the sales journal,place a check mark()in the post reference column.See p104 第14页/共46页2023/3/1316Date Account DebitedPRAmountFeb.1 2 12 24A.AndersonB.ButlerC.ChaseD.Davis$400700250800$2,150(12)(41)Sales JournalFeb 1 S-1$400A.AndersonFeb 3 S-1$700B.ButlerFeb.12 S-1$250C.ChaseFeb 24 S-1$800D.Davis Feb 28 S-1$2,150Accounts Receivable 12Sales 41Feb 28 S-1$2,150S-1第15页/共46页2023/3/1317The checking procedure for accuracy of postingn nAt the end of the month,the bookkeeper prepares a list of all open accountsschedule of accounts receivable.n nThe total amount from the schedule should agree with the balance in the control account of accounts receivable.第16页/共46页2023/3/1318A AndersonB.ButlerC.ChaseD.Davis S400700250800$2,150Schedule of Accounts ReceivableFebruary 28 199XFeb 28 S-1$2,150Accounts Receivable 12第17页/共46页2023/3/1319Types of ledger account formsn nThe T account has been used for most The T account has been used for most illustration.illustration.n nThe three-column account may be used too.The three-column account may be used too.Date PRDebitCreditBalanceA.Andersom第18页/共46页2023/3/1320Trade discountsn nTrade discounts is the manufacturers and wholesalers offer deductions from list prices to dealers who buy in large quantitiesn nThe trade discounts are not recorded in the accounting records,only to determine the net purchase price.第19页/共46页2023/3/1321Purchases journaln nThe purchases journal apply the same basic principles with the sales journals.n n Various kinds of goods(equipment,supplies,and so on)are bought on credit,therefore,the purchases journal can be expanded more than one column.n nSee example7 on p107第20页/共46页2023/3/1322Purchases JournalPurchases JournalDateAccount CrPRAcct Pay CrPurchases DrSupplies DrSundryAcc DrPRAmtJan 4 6 8 15 21 28Agin CoBaker CoConnely CoDavis CoBaker CoAgin Co2,0001,00018,00022,0004004,00047,400(21)2,0004,0006,000(51)1,0004001,400(14)EquipmentLand182718,00022,00040,000()P-112Jan 31 P-1 47,400Accounts PayableJan31 P-1 6,000PurchasesJan 8 P-1 18,000Equipment 18AginJan4 2,000342151第21页/共46页2023/3/1323Subsidiary accounts payable ledgern nA firm that purchases on accounts(accounts payable)would do the same thing as the accounts receivable.n nDuring the month,each individual credit entry is posted from the purchases journal to the creditors account in the subsidiary ledger.第22页/共46页2023/3/1324Subsidiary accounts payable ledgern nWhen a purchase on account is made,the invoice is the basis for recording the creditors account.n nWhen a payment is made,the account is debited.n nAny credit balance represent an unpaid balance.第23页/共46页2023/3/1325Subsidiary accounts payable ledgern nA schedule of accounts payable is prepared to prove the total amount of the subsidiary ledger is equal to the amount in controlling accounts payable.Agin CorpBaker Corp Connely CoR.Davis CoTotal$6,0001,40018,00022,000$47,400Schedule of Accounts PayableAccounts Payable 21Jan.31 P-1 47,400第24页/共46页2023/3/1326Cash receipts journaln nAll cash or checks received by a business are recorded.Two sources of cash receiptsCash salesCollections on account第25页/共46页2023/3/1327The steps for recording and posting the cash receipts1.1.Debiting cash for the amount received and crediting for the Debiting cash for the amount received and crediting for the source of cash.source of cash.2.2.After recording collections on account,post by date to the After recording collections on account,post by date to the subsidiary ledger account.subsidiary ledger account.3.3.Total all the columns and check if they balance at the end of the Total all the columns and check if they balance at the end of the month,and close all the account.month,and close all the account.4.4.Posting to general ledger.Posting to general ledger.See example 9 on pSee example 9 on p112112第26页/共46页2023/3/1328Cash Receipts JournalCash Receipts JournalDateAccount CrP.RCash DrSales Dic DrAccounts Rec CrSales Income CrSundry CrMar.249142229Purchase ReturnsCash SalesA.AndersonB.ButlerCash SalesC.Chase525007001007004002001007002007004005002,600(11)1,000(14)1,100(41)500()1.The account title for sundry1.(a)Customers name for collections1.(b)Explanation for cash sale第27页/共46页2023/3/1329Cash disbursements journaln nThe cash disbursements journal is used to record all the payment transactions.These transactions may arise fromPayment to creditorsCash purchasesPayment of expenses第28页/共46页2023/3/1330The procedure for recording and posting the cash disbursement1.1.When payment is made,the check numbers is written,they help When payment is made,the check numbers is written,they help in controlling cash and in reconciling the bank account.in controlling cash and in reconciling the bank account.2.2.The cash credit column is posted in total to the general ledger at The cash credit column is posted in total to the general ledger at the end of month.the end of month.3.3.The individual accounts payable will be posted to the creditors The individual accounts payable will be posted to the creditors accounts.accounts.4.4.The sundry column is posted separately to the general ledgerThe sundry column is posted separately to the general ledger第29页/共46页2023/3/1331Cash Disbursement JournalCash Disbursement JournalDate DescriptionP.RCheck no.Cash CrAcct.Pay DrSundryDrMar.2815182124Agin CorpRent ExpenseSalaries ExpenseBaker CorpPurchasesSalaries Expense535451541234561,2004403,8001,4003,2003,80013,840(11)1,2001,4002,600(21)4403,8003,2003,80011,240()Each item in sundry column is posted separately to the general ledger,the total sundry is not posted.第30页/共46页2023/3/1332Combination cash journaln nSome companies,primarily for convenience,prefer to record all cash transactions(receipts and disbursements)in one journal.n nThis journal keeps track of changes in the cash account on the day-to-day basis.n nSee example 12 on p115第31页/共46页2023/3/1333Test for chapter3&41.From the trial balance of the Michal Sales 1.From the trial balance of the Michal Sales Company,as of December 31,which follows,Company,as of December 31,which follows,(1)prepare an eight-column worksheet and(1)prepare an eight-column worksheet and(2)prepare all necessary adjusting and closing(2)prepare all necessary adjusting and closing entries,using the following additional information entries,using the following additional information for year-end adjustments:(a)merchandise for year-end adjustments:(a)merchandise inventory on December 31,$42,000;(b)supplies inventory on December 31,$42,000;(b)supplies inventory,December 31,$4,000;insurance expired inventory,December 31,$4,000;insurance expired during this year,$2,000;(d)depreciation for the during this year,$2,000;(d)depreciation for the current year,$800;(e)salaries accrued on December current year,$800;(e)salaries accrued on December 31,$400.31,$400.第32页/共46页2023/3/1334Michal Sales CompanyMichal Sales CompanyTrial BalanceTrial BalanceCash$15,000Accounts Receivable6,500Merchandise Inventory38,100Supplies4,200Prepaid Insurance8,000Equipment 15,100Accumulated Depreciation$4,400Accounts Payable11,200Michal,Capital37,000第33页/共46页2023/3/1335Michal Sales CompanyMichal Sales CompanyTrial Balance(continued)Trial Balance(continued)Michal,Drawing2,400Sales Income98,200Purchases 42,100Purchase Returns300Salaries Expense11,200Rent Expense4,500General Expense4,000$151,100$151,100第34页/共46页2023/3/1336Ex.10 S.Perk began business on March 1.The Ex.10 S.Perk began business on March 1.The transactions completed by the Company for the transactions completed by the Company for the month of March are listed below.Record these month of March are listed below.Record these transactions,using four special journals and a general transactions,using four special journals and a general journal.journal.Mar.1 Deposited$18,000 in a bank account Mar.1 Deposited$18,000 in a bank account for the operation of Perk Company.for the operation of Perk Company.2 Paid rent for the month,$600,check#1.2 Paid rent for the month,$600,check#1.4 Purchased equipment on account from 4 Purchased equipment on account from Anton Equipment,$10,000.Anton Equipment,$10,000.7.Purchased merchandise on account 7.Purchased merchandise on account from Baily Company,$1,200.from Baily Company,$1,200.第35页/共46页2023/3/1337 7.Cash sales for the week,$1,650.7.Cash sales for the week,$1,650.10.Issued check#2 of$150 for store supplies.10.Issued check#2 of$150 for store supplies.11.Sold merchandise on account to Manny 11.Sold merchandise on account to Manny Company,$600.Company,$600.12.Sold merchandise on account to Nant12.Sold merchandise on account to Nant Company,$350.Company,$350.14.Paid biweekly salaries of$740,check#3.14.Paid biweekly salaries of$740,check#3.14 Cash sales for the week,$1,800.14 Cash sales for the week,$1,800.16 Purchased merchandise on account from Cotin 16 Purchased merchandise on account from Cotin Company,$1,000.Company,$1,000.第36页/共46页2023/3/1338 17 Issued check#4 to Baily Company for Mar.7 17 Issued check#4 to Baily Company for Mar.7 purchase,less 2%discount.purchase,less 2%discount.18 Bought$250 worth of store supplies from Salio Supply 18 Bought$250 worth of store supplies from Salio Supply House on account.House on account.19 Returned defective merchandise of$200 to Cotin 19 Returned defective merchandise of$200 to Cotin Company and received credit memo.Company and received credit memo.19 Sold merchandise on account to Olin Company,$645.19 Sold