财务会计专业英语(7).ppt

At the end of the month all the individual sales have been recorded in the Accounts Receivable subsidiary ledger and it is time to post the column totals. The total of credit sales of $1200 is posted to the Accounts Receivable control account, account number 106 and also to the Sales account number 413. * We must post the cost of goods sold and inventory cost amounts for the month. In our case, we will post $777 to account number 502, Cost of Goods Sold, and post $777 to account number 119, Inventory. As you can see the use of subsidiary ledgers is a very efficient way to handle transaction processing. The concept of subsidiary accounts and control accounts work well in both a computer-based or manual system. * At the end of the accounting period, the total of the balances in the subsidiary ledgers should equal the balance in the control account. * Here is an example of a more detailed Sales Journal that includes a column for sales taxes payable. * We would post to the subsidiary accounts daily and post the column totals on a regular basis, perhaps monthly. * A company with few sales returns and allowances may choose to record them in the General Journal. As you can see, the return would need to be posted to the accounts receivable subsidiary ledger and to the Accounts Receivable control account. In addition the amounts would also need to be posted to the appropriate general ledger accounts. * The Cash Receipts Journal records cash receipts transactions resulting from cash sales, customer payments on accounts, and other cash sources. * The first transaction on February 7th records a cash sale. The amounts are entered in the Cash and the Sales columns. These columns will be posted in total at a later date. The double red check marks in the posting reference column indicate that the transaction is not posted to any individual accounts. The second transaction on February 16th records a customer payment on account within the discount period. Again, the amounts ar