- published: 14 Jul 2016
- views: 6797
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.
In order to save time for journalizing the entries, and posting the entries to the general ledgers and subledgers, Special Journals are used instead. An accountant can be specialized in a type of journal entry and several accountants can work each on 1 or more different types of journal entries only thereby using a better division of labour.
The types of Special Journals that a business uses are determined by the nature of the business. Special journals are designed as a simple way to record the most frequently occurring transactions. There are four types of Special Journals that are frequently used by merchandising businesses: Sales journals, Cash receipts journals, Purchases journals, and Cash payments journals.
Chapter Seven refers to a seventh chapter, but the term may also refer to:
Special journals, cash disbursements journal, cash receipts journal, sales journal, purchases journal, account receivable subsidiary ledger, accounts payable subledger general journal, financial accounting, CPA exam, subsidiary ledger,
The purpose of special journals vs. general journal
Principles of Accounting I, Special Journals, Professor Bruce Fried
This lectures introduces times saving devices of special journals and subsidiary ledgers. Characteristics of sales, purchases, cash receipts, and cash payments journals are established. Terms of foot and cross-foot as well as procedures of posting from multi-column journals are also explained: post column totals whenever possible; post individual entries from columns called "other" and columns named what subsidiary ledgers are named.
This video is one of several videos discussing 11 different PowerPoint slides on the topic "Subsidiary Ledgers and Special Journals." The full video set is provided in a playlist titled "Subsidiary Ledgers and Special Journals", but I have also compiled all slide-specific videos into one single video titled "Subsidiary Ledgers and Special Journals - Slides 1-11". So, if watching the slide videos one-by-one takes too long, you can watch the full video instead (which actually is shorter). These videos are part of a free online course in accounting created by Kevin Kimball of Brigham Young University -- Hawaii using the Canvas Network's Learning Management System (LMS). The actual course will first become available for enrollment a couple months prior to the start of Winter Semester 2014 ...
How transactions are recorded in special journals, general journal, subsidiary ledgers, and general ledger.
A video summary of chapter 7 in Perdisco's Financial Accounting 360Textbook. To find out more, visit www.perdisco.com/finacc
How special journals and subsidiary ledgers are used in the accounting cycle.
Special journals, cash disbursements journal, cash receipts journal, sales journal, purchases journal, account receivable subsidiary ledger, accounts payable subledger general journal, financial accounting, CPA exam, subsidiary ledger,
The purpose of special journals vs. general journal
Principles of Accounting I, Special Journals, Professor Bruce Fried
This lectures introduces times saving devices of special journals and subsidiary ledgers. Characteristics of sales, purchases, cash receipts, and cash payments journals are established. Terms of foot and cross-foot as well as procedures of posting from multi-column journals are also explained: post column totals whenever possible; post individual entries from columns called "other" and columns named what subsidiary ledgers are named.
This video is one of several videos discussing 11 different PowerPoint slides on the topic "Subsidiary Ledgers and Special Journals." The full video set is provided in a playlist titled "Subsidiary Ledgers and Special Journals", but I have also compiled all slide-specific videos into one single video titled "Subsidiary Ledgers and Special Journals - Slides 1-11". So, if watching the slide videos one-by-one takes too long, you can watch the full video instead (which actually is shorter). These videos are part of a free online course in accounting created by Kevin Kimball of Brigham Young University -- Hawaii using the Canvas Network's Learning Management System (LMS). The actual course will first become available for enrollment a couple months prior to the start of Winter Semester 2014 ...
How transactions are recorded in special journals, general journal, subsidiary ledgers, and general ledger.
A video summary of chapter 7 in Perdisco's Financial Accounting 360Textbook. To find out more, visit www.perdisco.com/finacc
How special journals and subsidiary ledgers are used in the accounting cycle.
Special journals, cash disbursements journal, cash receipts journal, sales journal, purchases journal, account receivable subsidiary ledger, accounts payable subledger general journal, financial accounting, CPA exam, subsidiary ledger,
This lectures introduces times saving devices of special journals and subsidiary ledgers. Characteristics of sales, purchases, cash receipts, and cash payments journals are established. Terms of foot and cross-foot as well as procedures of posting from multi-column journals are also explained: post column totals whenever possible; post individual entries from columns called "other" and columns named what subsidiary ledgers are named.
IN this short video, I talk about the journalizing and posting of transactions in Special Journals (Cash Receipts Journals, Cash Payments Journals, Sales Journals and Purchase Journals)
Here we total each column of special journal and then post the totals to the general Ledger
In both hand-written and automated accounting systems, special journals can save a little time journalizing and a lot of time posting. In this class we use a handout to review admonitions to "post columns only" (when all the items are alike, i.e., going the same place and in the same direction), and the exceptions to the rule, namely 1) columns named "other" and 2) columns named what subsidiary ledgers are named. Posting reference notations serve as reminders where individual items and columns have been posted. For more information about Oral Roberts University and the College of Business, visit the web site at oru.edu.
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Created to Fulfill a Custom Order. Enjoy viewing. If you would like a special journal, please let me know.Many thanks to all for viewing this video. If you would like it or a custom journal, please contact me at my ETSY shop - https://www.etsy.com/shop/LLCreationsStudio?ref=seller-platform-mcnav While there you can view all the journals that are currently available for sale.
Intro to Special Journals and why we need them. Includes introduction to basic terminology (Inventory, Gross Profit, Supplies, Terms of Trade, Discount, Supplier, Terms of Trade, Client, Invoice, Credit Note, Note Payable). Relationship between Sales, Gross Profit and Cost of Goods Sold. The relationship between special journals and the subsidiary ledgers.