Unit 4 The Accounting Cycle for a Merchandising

Unit 4 The Accounting Cycle for a Merchandising Corporation Chapter 14 Accounting for Sales and Cash Receipts Chapter 15 Accounting for Purchases and Cash Payments Chapter 16 Special Journals: Sales and Cash Receipts Chapter 17 Special Journals: Purchases and Cash Payments Chapter 18 Adjustments and the Ten-Column Work Sheet Chapter 19 Financial Statements for a Corporation Chapter 20 Completing the Accounting Cycle for a Merchandising Corporation Chapter 21 Accounting for Publicly Held Corporations Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 0

Chapter 14 Accounting for Sales and Cash Receipts What You’ll Learn § Explain the difference between a service business and a merchandising business. § Analyze transactions relating to the sale of merchandise. § Explain the difference between a retailer and a wholesaler. § Record a variety of sales and cash receipt transactions in a general journal. § Define the accounting terms introduced in this chapter. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 1

Chapter 14, Section 1 Accounting for a Merchandising Business What Do You Think? Why do consumers buy from retailers rather than wholesalers? Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 2

SECTION 14. 1 Accounting for a Merchandising Business Main Idea A wholesaler sells to retailers, and a retailer sells to the final users. You Will Learn § the operating cycle for a merchandising business. § the accounts used in a merchandising business. § issues relating to international sales. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 3

Accounting for a Merchandising Business SECTION 14. 1 Key Terms § § § retailer wholesaler merchandise inventory Sales Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 4

SECTION 14. 1 Accounting for a Merchandising Business The Operating Cycle of a Merchandising Business The merchandising business operating cycle is a series of transactions. Merchandisers buy goods and sell them to customers for a profit. Most merchandising businesses are both retailers and wholesalers. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 5

SECTION 14. 1 Accounting for a Merchandising Business The Operating Cycle of a Merchandising Business Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 6

SECTION 14. 1 Accounting for a Merchandising Business Accounts Used by a Merchandising Business A merchandising business buys merchandise from a wholesaler or manufacturer and sells the goods to its customers. Merchandise in stock is called inventory. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 7

SECTION 14. 1 Accounting for a Merchandising Business Merchandise Inventory Account Inventory is represented in the general ledger by the asset account Merchandise Inventory. The normal balance of this account is a debit. Merchandise is bought and sold during the operating cycle; the purchase and sale of merchandise is recorded in separate accounts. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 8

SECTION 14. 1 Accounting for a Merchandising Business Sales Account The amount of merchandise sold is recorded in the Sales account, a revenue account. The normal balance of the Sales account is a credit. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 9

SECTION 14. 1 Accounting for a Merchandising Business International Sales The United Nations Convention on Contracts for the International Sales of Goods (CISG) provides guidelines governing the international sale of goods. Businesses involved in international sales must consider the challenge of multiple currencies. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 10

SECTION 14. 1 Accounting for a Merchandising Business Key Terms Review § retailer A business that sells to the final user, the consumer. § wholesaler A business that sells to the retailers. § merchandise Goods bought to resell to customers. § inventory The items of merchandise a business has in stock. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 11

SECTION 14. 1 Accounting for a Merchandising Business Key Terms Review § Sales A revenue account to record the amount of the merchandise sold. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 12

Chapter 14, Section 2 Analyzing Sales Transactions What Do You Think? Why is a subsidiary ledger needed? Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 13

SECTION 14. 2 Analyzing Sales Transactions Main Idea In addition to using the general ledger, a business keeps a subsidiary ledger of individual customer accounts. You Will Learn § what a sale on account involves. § the purpose of the accounts receivable subsidiary ledger. § how to journalize sales on account. § how to journalize and post sales returns and allowances. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 14

Analyzing Sales Transactions SECTION 14. 2 Key Terms § § § § § sale on account charge customer credit cards sales slip sales tax credit terms accounts receivable subsidiary ledger controlling account sales return Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 15

SECTION 14. 2 Analyzing Sales Transactions Key Terms § sales allowance § credit memorandum § contra account Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 16

SECTION 14. 2 Analyzing Sales Transactions Sales on Account Merchandise can be bought and paid for at a later date. This is called a sale on account and is made to a charge customer. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 17

SECTION 14. 2 Analyzing Sales Transactions Store Credit Card Sales A credit card is issued to charge customers by a business such as Target. Customers use store credit cards to make their purchase. A store credit card facilitates sales on account. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 18

SECTION 14. 2 Analyzing Sales Transactions Nonbank Credit Card Sales A nonbank credit card is similar to a store credit card and is issued by corporations such as American Express. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 19

SECTION 14. 2 Analyzing Sales Transactions Items Related to Sales on Account A charge sale involves: § a sales slip § the sales tax § the credit terms Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 20

SECTION 14. 2 Analyzing Sales Transactions The Sales Slip A sales slip lists § the date of the sale, § the customer account identification, and § the description, quantity, and price of items sold. There are usually multiple copies with at least one for the customer and one for accounting purposes. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 21

SECTION 14. 2 Analyzing Sales Transactions Sales Tax Most states and some cities add sales tax to the sale of goods and services. The tax is paid by the customer and collected by the business, which periodically sends the collection to the state. Until then, the amount owed is recorded in a liability account called Sales Tax Payable. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 22

SECTION 14. 2 Analyzing Sales Transactions Credit Terms The credit terms can be listed on the sales slip. The terms define the time allowed for payment. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 23

SECTION 14. 2 Analyzing Sales Transactions The Accounts Receivable Subsidiary Ledger A business with many charge customers will set up a separate ledger, called the accounts receivable subsidiary ledger, with an account for each customer. A subsidiary ledger contains detailed data summarized to a controlling account, the balance of which equals the total of all account balances in the subsidiary ledger. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 24

SECTION 14. 2 Analyzing Sales Transactions Recording Sales on Account Revenue for a sale is recorded at the time of sale. Revenue must be realizable, or expected to be converted to cash. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 25

SECTION 14. 2 Analyzing Sales Transactions Recording Sales on Account Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 26

SECTION 14. 2 Analyzing Sales Transactions Recording Sales on Account Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 27

SECTION 14. 2 Analyzing Sales Transactions Recording Sales on Account Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 28

SECTION 14. 2 Analyzing Sales Transactions Recording Sales on Account Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 29

SECTION 14. 2 Analyzing Sales Transactions Recording Sales on Account Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 30

SECTION 14. 2 Analyzing Sales Transactions Sales Returns and Allowances A customer who is unhappy with a purchase and returns it to the merchant performs a sales return. If merchandise is damaged prior to the purchase, a sales allowance, or price reduction, may be issued. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 31

SECTION 14. 2 Analyzing Sales Transactions The Credit Memorandum If the return or allowance occurs on a charge sale, a credit memorandum might be prepared and the customer’s account is credited the amount. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 32

SECTION 14. 2 Analyzing Sales Transactions The Sales Returns and Allowances Account Sales returns and allowances decrease the total revenue but are not recorded in the Sales account. A separate account, Sales Returns and Allowances, is used. This account is a contra account; its balance decreases the balance of its related account. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 33

SECTION 14. 2 Analyzing Sales Transactions Cash Refunds Sometimes a cash refund is given and the Cash in Bank account is credited instead of Accounts Receivable. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 34

SECTION 14. 2 Analyzing Sales Transactions Posting to the Accounts Receivable Subsidiary Ledger A diagonal line is entered in the Post. Ref. column on the general journal to indicate that the amount is posted in two places: the general ledger controlling account and the subsidiary ledger. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 35

SECTION 14. 2 Analyzing Sales Transactions Posting to the Accounts Receivable Subsidiary Ledger Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 36

SECTION 14. 2 Analyzing Sales Transactions Posting to the Accounts Receivable Subsidiary Ledger Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 37

SECTION 14. 2 Analyzing Sales Transactions Key Terms § sale on account The sale of merchandise that will be paid for at a later date. § charge customer A customer to whom a sale on account is made. § credit cards A card issued by a business containing a customer’s name and account number that facilitates the sale on account. § sales slip A form that lists the details of a sale. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 38

SECTION 14. 2 Analyzing Sales Transactions Key Terms § sales tax A tax levied by a city or state on the retail sale of goods and services. § credit terms Terms that state the time allowed for payment for a sale on account. § accounts receivable subsidiary ledger A separate ledger that contains accounts for each charge customer; it is summarized in the Accounts Receivable controlling account in the general ledger. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 39

SECTION 14. 2 Analyzing Sales Transactions Key Terms § subsidiary ledger A ledger with detailed data that is summarized in a controlling account in the general ledger. § controlling account An account that serves as a control on the accuracy of the account balances in the subsidiary ledger; its balance must equal the total of all account balances in the subsidiary ledger. § sales return Any merchandise returned for credit or a cash refund. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 40

SECTION 14. 2 Analyzing Sales Transactions Key Terms § sales allowance A price reduction granted for damaged goods kept by the customer. § credit memorandum A form that lists the details of a sales return or sales allowance. § contra account An account whose balance is a decrease to its related account. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 41

Chapter 14, Section 3 Analyzing Cash Receipt Transactions What Do You Think? What are the main sources of cash receipts? Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 42

SECTION 14. 3 Analyzing Cash Receipt Transactions Main Idea Merchandising businesses receive cash from cash sales, payments on account, bankcard sales, and occasionally from other types of transactions. You Will Learn § how and why businesses receive cash. § how to calculate a cash discount. § how to record cash receipts. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 43

Analyzing Cash Receipt Transactions SECTION 14. 3 Key Terms § § cash receipt cash sale cash discount sales discount Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 44

SECTION 14. 3 Analyzing Cash Receipt Transactions Cash Transactions A cash receipt is a transaction in which money is received by a business. The most common sources of cash are payments for cash sales, charge sales, and bankcard sales. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 45

SECTION 14. 3 Analyzing Cash Receipt Transactions Cash Sales In a cash sale, a business gets full payment at the time of the sale. Cash sales are recorded on two tapes, one copy is torn off and given to the customer and the other is kept in the register. The register tape lists the total cash sales and the total sales tax collected. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 46

SECTION 14. 3 Analyzing Cash Receipt Transactions Charge Customer Payments Businesses record cash received on account from charge customers on pre-numbered receipts. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 47

SECTION 14. 3 Analyzing Cash Receipt Transactions Bankcard Sales Banks can issue both credit and debit cards. These bankcards can be processed manually or electronically. Sales paid by bankcard are recorded in a manner similar to cash sales. The source document for bankcard sales is the cash register tape. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 48

SECTION 14. 3 Analyzing Cash Receipt Transactions Other Cash Receipts Merchants can also receive cash from bank loans or the sale of assets. A receipt indicates the source of the cash received. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 49

SECTION 14. 3 Analyzing Cash Receipt Transactions Cash Discounts A cash discount, or sales discount, is sometimes offered to charge customers to encourage prompt payment. Cash discounts are not typically offered to all customers. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 50

SECTION 14. 3 Analyzing Cash Receipt Transactions Recording Cash Receipts This section shows examples of how to record cash receipts from four sources: § charge customer payments § cash discount payments § cash sales § bankcard sales Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 51

SECTION 14. 3 Analyzing Cash Receipt Transactions Charge Customer Payments Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 52

SECTION 14. 3 Analyzing Cash Receipt Transactions Charge Customer Payments Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 53

SECTION 14. 3 Analyzing Cash Receipt Transactions Charge Customer Payments Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 54

SECTION 14. 3 Analyzing Cash Receipt Transactions Charge Customer Payments Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 55

SECTION 14. 3 Analyzing Cash Receipt Transactions Cash Discount Payments Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 56

SECTION 14. 3 Analyzing Cash Receipt Transactions Cash Discount Payments Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 57

SECTION 14. 3 Analyzing Cash Receipt Transactions Cash Discount Payments Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 58

SECTION 14. 3 Analyzing Cash Receipt Transactions Cash Discount Payments Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 59

SECTION 14. 3 Analyzing Cash Receipt Transactions Cash Sales Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 60

SECTION 14. 3 Analyzing Cash Receipt Transactions Cash Sales Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 61

SECTION 14. 3 Analyzing Cash Receipt Transactions Cash Sales Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 62

SECTION 14. 3 Analyzing Cash Receipt Transactions Cash Sales Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 63

SECTION 14. 3 Analyzing Cash Receipt Transactions Bankcard Sales Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 64

SECTION 14. 3 Analyzing Cash Receipt Transactions Bankcard Sales Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 65

SECTION 14. 3 Analyzing Cash Receipt Transactions Bankcard Sales Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 66

SECTION 14. 3 Analyzing Cash Receipt Transactions Bankcard Sales Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 67

SECTION 14. 3 Analyzing Cash Receipt Transactions Other Cash Receipts Sometimes a business receives cash from a transaction that does not involve the sale of merchandise. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 68

SECTION 14. 3 Analyzing Cash Receipt Transactions Accounting for Sales and Cash Receipts All of the transactions in the chapter are journalized here. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 69

SECTION 14. 3 Analyzing Cash Receipt Transactions Key Terms § cash receipt The cash received by a business in a single transaction. § cash sale A transaction in which the business received full payment for the merchandise sold at the time of the sale. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 70

SECTION 14. 3 Analyzing Cash Receipt Transactions Key Terms § cash discount The amount a customer can deduct from the total owed for purchased merchandise if payment is made within a certain time; also called sales discount. § sales discount See cash discount. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 71

CHAPTER 14 Chapter 14 Review Question 1 List the operating cycle for a merchandising business. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 72

CHAPTER 14 Chapter 14 Review Answer 1 Step 1: Purchase goods for resale Step 2 a: Sell goods for cash (skip to step 4). Step 2 b: Sell goods on account. Step 3: Collect cash from accounts. Step 4: Pay expenses. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 73

CHAPTER 14 Chapter 14 Review Question 2 A customer bought merchandise on February 1 totaling $1, 800. As an incentive to get this customer to pay early, you offer terms of 1/20, n/30. The customer pays on February 15. Calculate the following: Total sale amount _____ Amount of discount _____ Net cash received _____ Now indicate whether you would debit or credit the following accounts. Accounts Receivable _____ Customer’s subsidiary account _____ Sales Discounts _____ Cash in Bank _____ Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 74

CHAPTER 14 Chapter 14 Review Answer 2 1. Total sale amount: $1, 800. 00 2. Amount of discount: $18. 00 ($1, 800 1% or. 01. The customer paid on February 15, which is within the 20 -day discount period; therefore, the 1/20 day terms apply. ) 3. Net cash received: $1, 782. 00 ($1, 800 - $18) 4. Accounts Receivable: Credit 5. Customer’s subsidiary account: Credit 6. Sales Discounts: Debit 7. Cash in Bank: Debit Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 75

CHAPTER 14 Chapter 14 Review Question 3 Why is it important for a business to keep an accounts receivable subsidiary ledger? Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 76

CHAPTER 14 Chapter 14 Review Answer 3 It is not enough for a business to know how much is owed to it as a result of purchases on account. The business must also know how much each individual customer owes for billing purposes. The subsidiary ledger supplies this information. Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 77

Resources Glencoe Accounting Online Learning Center English Glossary Spanish Glossary Glencoe Accounting Unit 4 Chapter 14 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 78