College or university of Phoenix, az
Week several checkpoint
Aside from the general record, there are several different unique journals; the Sales Record, the Cash Receipts Journal, the Purchases Journal, and the Cash Journal. The Sales Journal records most sales of merchandise upon account, money and credit sales not included. The advantage of the sales record is that it is time saving and simple because not every transaction needs to be singled out, total can be reported instead. Through the Sales Diary the items can easily be placed into the standard ledger. The money Receipt Journal records in full received in accounts receivables and revenue. It is usually made from numerous articles and very in depth in the place that the money came from. The Purchases journal is extremely similar to the sales journal nevertheless instead of accounts receivable this records accounts payable. The benefits of this journal are that every purchase expenditures can be seen on one list and incredibly easily created the general journal. The additional ledger is created out of several different accounts and makes the overall ledger better to read because the descriptions need not be prepared all the way for the general ledger. A control account is a dual accounts with the same amounts published than the standard journal; it can be done to guarantee the accuracy with the general journal and its balances. The two most commonly used accounts to control the portions are the accounts payable supplementary ledger plus the general ledger.