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Q: Provide examples of transactions that would be recorded in each of the four different types of special journals.
A: Entering transactions in the general journal and posting them to the correct general ledger accounts is time consuming. In the general journal, a simple transaction requires three lines—two to list the accounts and one to describe the transaction. [ The transaction must then be posted to each general ledger account. If the transaction affects a control account, the posting must be done
twice—once to the subsidiary ledger account and once to the controlling general ledger account. To speed up this process, companies use special journals to record repetitive transactions that affect the same set of accounts and have a consistent description. Such transactions can be documented on one line in a special journal. Then, instead of separately posting individual entries, each column's total is posted at the end of the accounting period. ]
Expert answered|hersheys|Points 127|
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Asked 7/5/2013 10:36:40 AM
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A common approach to keeping a record of each customer's accounts receivable is to use a(n) (Points : 3) sales journal. accounts receivable ledger. general ledger. controlling account.
Weegy: Special Journals are designed to facilitate the process of journalizing and posting transactions. They are used for the most frequent transactions in a business. [ For example, in merchandising businesses, companies acquire merchandise from vendors, and then in turn sell the merchandise to individuals or other businesses. Sales and purchases are the most common transactions for the merchandising businesses. A business such as a retail store will record the following transactions many times a day for sales on account and cash sales. ] User: When a business uses a subsidiary accounts receivable ledger, there is no need to keep a summary accounts receivable account in the general ledger. (Points : 3) True False Weegy: General Ledger The general ledger is the core of your company’s financial records. These constitute the central “books” of your system, and every transaction flows through the general ledger. [ These records remain as a permanent track of the history of all financial transactions since day one of the life of your company. Subledgers and the General Ledger Your accounting system will have a number of subsidiary ledgers (called subledgers) for items such as cash, accounts receivable, and accounts payable. All the entries that are entered (called posted) to these subledgers will transact through the general ledger account. For example, when a credit sale posted in the account receivable subledger turns into cash due to a payment, the transaction will be posted to the general ledger and the two (cash and accounts receivable) subledgers as well. There are times when items will go directly to the general ledger without any subledger posting. These are primarily capital financial transactions that have no operational subledgers. These may include items such as capital contributions, loan proceeds, loan repayments (principal), and proceeds from sale of assets. These items will be linked to your balance sheet but not to your ... (More)
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Expert Answered
Updated 7/12/2016 12:11:41 PM
4 Answers/Comments
When a business uses a subsidiary accounts receivable ledger, there is no need to keep a summary accounts receivable account in the general ledger. FALSE.
Added 7/12/2016 1:06:35 AM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [7/12/2016 9:34:10 AM]
emdjay23, the first question is not true or false.
Added 7/12/2016 9:34:01 AM
A common approach to keeping a record of each customer's account receivable is to use a subsidiary accounts receivable ledger.
Added 7/12/2016 12:11:41 PM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [7/12/2016 12:22:06 PM]
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