Question

What is the primary purpose of using special journals? What steps are followed in posting from...

What is the primary purpose of using special journals? What steps are followed in posting from the sales journal to the accounts receivable ledger?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What responsibilities should the general ledger clerk not have? a. Record keeping responsibilities for special journals...
What responsibilities should the general ledger clerk not have? a. Record keeping responsibilities for special journals and/or subsidiary ledgers b. Preparing journal vouchers c. Custody of physical assets d. All of these are appropriate tasks for the general ledger clerk e. None of these are appropriate tasks for the general ledger clerk. Internal users are the primary users of the financial reporting system. a. True b. False
Putnam Sound, Inc. (PSI) is a manufacturer of stereo speaker systems. The company prepares special journals...
Putnam Sound, Inc. (PSI) is a manufacturer of stereo speaker systems. The company prepares special journals and subsidiary ledgers for its revenue, expenditures, payroll, and conversion processes. For administrative processes, however, journal vouchers are created for the related general ledger entries. Steve Jamison is the accounting clerk who has responsibility for preparing journal vouchers. Journal vouchers are prepared on preprinted forms; however, these forms are not prenumbered. Steve records a sequential journal voucher number on each form that is prepared....
List the following steps of the accounting cycle in their proper order. Steps Order 1. Summarize...
List the following steps of the accounting cycle in their proper order. Steps Order 1. Summarize unadjusted ledger accounts and amounts in an unadjusted trial balance. 2. Use the adjusted trial balance to prepare financial statements. 3. Summarize adjusted ledger accounts and amounts in an adjusted trial balance. 4. Record adjustments to bring account balances up to date. 5. Create the post-closing trial balance. 6. Posting the debits and credits from the journal in the ledger. 7. Journalizing business events...
(SO 6) Enderle Sound,Inc.(ESI),is a manufacturer of stereo speaker systems.The company prepares special journals and subsidiary...
(SO 6) Enderle Sound,Inc.(ESI),is a manufacturer of stereo speaker systems.The company prepares special journals and subsidiary ledgers for its revenue,expenditures,payroll,and conversion processes.For administrative processes,however,journal vouchers are created for the related general ledger entries.Stefan Bolling is the accounting clerk who has responsibility for preparing journal vouchers.Journal vouchers are prepared on preprinted forms;however,these forms are not prenumbered.Stefan records a sequential journal voucher number on each form that is prepared.This procedure is in place because of the large number of journal vouchers that...
Special Journals Indicate in which journal each transaction would be recorded in: Purchase on inventory for...
Special Journals Indicate in which journal each transaction would be recorded in: Purchase on inventory for cash Sale of inventory on credit Payment of Sales salaries Purchase of inventory on credit Sale of merchandise for cash Purchase of land by issuing note payable Collection of short-term note receivable and related interest Return of defective inventory to supplier for credit to account Preparation of adjusting entries Purchase of equipment for cash
1. You just posted a credit to Stars Inc. in the accounts receivable subsidiary ledger. Which...
1. You just posted a credit to Stars Inc. in the accounts receivable subsidiary ledger. Which special journal did it come from? Group of answer choices cash receipts journal sales journal purchases journal cash disbursements journal 2. You returned damaged goods to C.C. Rogers Inc. and received a credit memo for $250. Which journal(s) would the company use to record this transaction? Group of answer choices general journal and the accounts payable subsidiary ledger sales journal only cash receipts journal...
What is the purpose of the subsidiary ledgers? Name two types of accounts which would typically...
What is the purpose of the subsidiary ledgers? Name two types of accounts which would typically require the use of special journals.
Exercise 7-12 Posting to subsidiary ledger accounts; preparing a schedule of accounts receivable LO P1 At...
Exercise 7-12 Posting to subsidiary ledger accounts; preparing a schedule of accounts receivable LO P1 At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $16,806.    Date Account Debited Invoice Number PR Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. May 6 Aaron Reckers 190 4,880 3,709 10 Sara Reed 191 3,940 3,251 17 Anna Page 192 1,753 1,031 25 Sara Reed 193...
Now that you have reviewed information about The Adrenaline Hut, you are ready to begin the...
Now that you have reviewed information about The Adrenaline Hut, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction description 1 Issued Cheque No. 646 for $8,800...
What is the purpose of entering historical invoices and payments for suppliers – Select one: a....
What is the purpose of entering historical invoices and payments for suppliers – Select one: a. to allow tracking of discounts taken b. to total all purchases for the supplier this year c. to allow the supplier balance field to be updated d. all of the above What step is not involved in setting up the receivables ledger – Select one: a. setting the receivables bank and accounts receivable linked accounts b. receivables ledger amounts must match the general ledger...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT