Financial accounting IFRS 4 kieoso appg PPT
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Financial Accounting
IFRS 4th Edition
Weygandt ● Kimmel ● Kieso
Appendix G
Subsidiary Ledgers and
Special Journals
Appendix Preview
A reliable information system is a necessity for any
company.
Whether companies use pen, pencil, or computers in
maintaining accounting records, certain principles and
procedures apply. The purpose of this appendix is to
explain and illustrate two components of an
accounting information system:
Subsidiary ledgers and special journals
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Appendix Outline
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Learning Objective 1
Describe the nature and purpose of a
subsidiary ledger.
LO 1
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Subsidiary Ledgers
Subsidiary ledgers keep track of individual balances.
Common examples:
The accounts receivable (or customers’) subsidiary ledger, which
collects transaction data of individual customers.
The accounts payable (or creditors’) subsidiary ledger, which
collects transaction data of individual creditors.
A general ledger account summarizes the detailed data from a
subsidiary ledger.
LO 1
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Subsidiary Ledgers
LO 1
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Subsidiary ledger example
LO 1
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Advantages of subsidiary ledgers
They …
1. show in a single account transactions affecting one customer
or one creditor.
2. Free the general ledger of excessive details.
3. help locate errors in individual accounts.
4. make possible a division of labor.
LO 1
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Learning Objective 2
Record transactions in special journals.
LO 2
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Special Journals
Special journals are used to record similar types of transactions.
LO 2
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Sales journal: Journalizing credit sales
Under this system, each entry in the sales journal results in one entry at selling price and
another entry at cost.
LO 2
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Sales journal:
Daily posting to
Accounts
Receivables
…
LO 2
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Sales journal:
Monthly posting to
the general ledger
.
LO 2
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Cash receipts journal: Journalizing
…
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…
…
…
…
…
…
LO 2
14
2014
Cash Receipts
Journal:
Posting
LO 2
LO 3
Cash receipts journal: Proving the ledgers
LO 2
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Purchases journal: Journalizing purchases on
account
Illustration G-12
Journalizing and posting the
purchases journal
LO 2
LO 3
Purchases journal: Posting purchases on
account
Illustration G-12
Journalizing and posting the
purchases journal
LO 2
LO 3
Cash Payments Journal: Recording all
disbursements of cash
Illustration G-15
Journalizing and posting
the cash payments journal
LO 2
LO 3
Cash Payments Journal: Posting all cash
disbursements
Illustration G-15
Journalizing and posting
the cash payments journal
LO 2
LO 3
Entries in the general ledger
•
Periodic, usually daily, summaries from the subsidiary ledgers
•
Periodic, usually monthly, summaries from special journals
•
Transactions that cannot be recorded in a subsidiary ledger or
a special journal
•
Correcting, adjusting, and closing entries
Subsidiary ledgers and special journals reduce the number of
entries that companies make in the general ledger.
LO 2
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Cybersecurity
Cybercrime is a crime that involves the Internet, a computer
system, or computer technology and thus accounting information.
LO 2
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Copyright
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All rights reserved. Reproduction or translation of this work beyond that permitted in
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from the use of the information contained herein.
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