Copyright 2006 Pearson Education Canada Inc 7 1
- Slides: 16
Copyright 2006 Pearson Education Canada Inc. 7 -1
Outline § Special Purpose Journals § The General Journal § How to Use Special Purpose Journals § The Sales Journal, Purchases Journal, Cash Recipts Journal, and Cash Disbursement Journal § Subsidiary Ledgers/Control Accounts § The Guest Ledger & the City Ledger § The Cashier’s Daily Report & Other Frequently Used Journals § The Night Auditor § Computers and the Traditional Accounting Process Copyright 2006 Pearson Education Canada Inc. 7 -2
Special Purpose Journals § Frequently occurring transactions are journalized in a journal dedicated to that type of transaction § Special Journals are set up to meet the needs of each particular organization Copyright 2006 Pearson Education Canada Inc. 7 -3
Special Purpose Journals Copyright 2006 Pearson Education Canada Inc. 7 -4
The General Journal Copyright 2006 Pearson Education Canada Inc. 7 -5
How to use Special Purpose Journals Transactions are entered daily or weekly, in chronological order They are self-balancing Dr = Cr Copyright 2006 Pearson Education Canada Inc. 7 -6
Sales Journal Accounts Receivable Rooms Sales Food Sales Beverage Sales Other income To record sales for the week Copyright 2006 Pearson Education Canada Inc. 7 -7
Purchases Journal. Food Inventory Beverage Inventory Housekeeping Supplies Inventory Utilities Expense Equipment Accounts Payable Copyright 2006 Pearson Education Canada Inc. 7 -8
Cash Receipts Journal. Cash Accounts Receivable Notes Payable Common Stock Copyright 2006 Pearson Education Canada Inc. 7 -9
Cash Disbursements Journal. Record all transactions involving money going out . Accounts Payable Discounts Housekeeping Supplies Equipment Cash . Copyright 2006 Pearson Education Canada Inc. 7 -10
Subsidiary Ledgers/Control Accounts. General Ledger accounts that control information on subsidiary ledgers Subsidiary Ledgers A/R SUBSIDIARY LEDGER A/P SUBSIDIARY LEDGER Copyright 2006 Pearson Education Canada Inc. 7 -11
Subsidiary Ledgers/Control Accounts Provide additional detail of control accounts found in the General Ledger Control Accounts General Ledger accounts that control information on subsidiary ledgers A/R Subsidiary Ledger Provide detail for each customer account A/P Subsidiary Ledger Provides detail for each vendor account Copyright 2006 Pearson Education Canada Inc. 7 -12
Guest Ledger and City Ledger Guest Ledger all the folios of § Includes all the folios § Includes guests who enjoy extended of guests who are still credit privileges with the hotel at the hotel § Many corporations have § Guests will pay their city ledger accounts bills before they leave § Credit card accounts are included the hotel Copyright 2006 Pearson Education Canada Inc. 7 -13
The Cashier’s Daily Report and Other Frequently Used Journals § Cashier’s Daily Report used to reconcile sales with receipts and provide the necessary cash sales information for recording in the cash receipts journal § Transfer Journal used to record transfers or charges between two guests or to transfer charges from one ledger to another § City Journal used by the front desk to record charges to be transferred to individual city ledger cards Copyright 2006 Pearson Education Canada Inc. 7 -14
The Night Auditor § Verifies that all guest charges and payments are § § posted to clients’ accounts Prepares daily transcript Reconciles guest charges and credit card sales and posts to each client’s subsidiary ledger account Copyright 2006 Pearson Education Canada Inc. 7 -15
Computers and the Traditional Accounting Process § Computers expedite the accounting process § Point of sale computers enable sales clerks to record transactions at the very moment of the sale § Managers must still understand the accounting process! Copyright 2006 Pearson Education Canada Inc. 7 -16
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