Subsidiary And Special Ledgers Journals Essay

510 words - 3 pages

Deanna Cain

CheckPoint: Subsidiary and Special Ledgers Journals

The four different special journals consist of the Sales Journal, Cash Receipt Journal, Purchases Journal, and the Cash Payments Journal. Each of the Journals is a very important part in the final outcome.

The Sales Journal is chronological entries of all goods sold as well as services provided; which ever the case may be. Keep in mind that the cash sale entries are not entered here. The advantage of using the Sales Journal is that this Journal reflects the history of all sales made by the company; providing dates and customer information for payment. The company would use the Sales Journal when there has been sales made or services have been provided, and the ...view middle of the document...

The business would use the Purchases Journal when purchases are made with credit. This Journal does not record any cash purchases; they are recorded in the Cash Payment Journal. The Purchases Journal is a book of original entry, where all purchases are first recorded. The advantage of using this Journal is that the company is able to track purchases made by their company.

The Cash Payments Journal records the cash payments made by the business. The advantage of using this Journal is that the business is able to see what wages, bills, or what ever credit accounts were paid and when. The company would use this Journal when a cash payment has been made toward an accrued credit, wages, and bills.

A subsidiary Ledger is an accounting ledger that contains all details in order to support a General Ledger control account. The purpose this ledger serves is to retain more information than the General Ledger can provide, giving the company a complete view of where the company stands.

In the General Ledger the Control account is to summarize the Subsidiary Ledger data, and the purpose of this Ledger is to provide only the correct balance and keep the details out of the General Ledger for the financial statement, such as if the Accounts Receivable were to be a control account then the amounts would be updated such as total sales for the day.

Accounts Receivable and Accounts Payable can act as control accounts for a subsidiary ledger. In a nutshell the advantage of using subsidiary ledgers would be its keeping of details out of the General Ledger by reducing the amount of accounts in one ledger, while providing a place for those details in individual subsidiary ledgers.

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