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    Lesson 9 Special and Combination Journals and Voucher System

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    Justine Reine Cornico
    This document defines key terms related to special journals and the voucher system used in accounting. It explains that special journals are used to record specific types of transactions, such as sales, cash receipts, purchases, and cash disbursements. A voucher system is also described which uses vouchers to authorize and track purchase and payment transactions. Schedules of accounts are prepared to verify that subsidiary ledgers agree with related control accounts.

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    Lesson 9 Special and Combination Journals and Voucher System

    Uploaded by

    Justine Reine Cornico
    69 views2 pages
    This document defines key terms related to special journals and the voucher system used in accounting. It explains that special journals are used to record specific types of transactions, such as sales, cash receipts, purchases, and cash disbursements. A voucher system is also described which uses vouchers to authorize and track purchase and payment transactions. Schedules of accounts are prepared to verify that subsidiary ledgers agree with related control accounts.

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    LESSON-9-SPECIAL-AND-COMBINATION-JOURNALS-AND-VOUCHER-SYSTEM

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    This document defines key terms related to special journals and the voucher system used in accounting. It explains that special journals are used to record specific types of transactions, such as sales, cash receipts, purchases, and cash disbursements. A voucher system is also described which uses vouchers to authorize and track purchase and payment transactions. Schedules of accounts are prepared to verify that subsidiary ledgers agree with related control accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    69 views2 pages

    Lesson 9 Special and Combination Journals and Voucher System

    Uploaded by

    Justine Reine Cornico
    This document defines key terms related to special journals and the voucher system used in accounting. It explains that special journals are used to record specific types of transactions, such as sales, cash receipts, purchases, and cash disbursements. A voucher system is also described which uses vouchers to authorize and track purchase and payment transactions. Schedules of accounts are prepared to verify that subsidiary ledgers agree with related control accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    LESSON 9: SPECIAL AND COMBINATION JOURNALS, AND VOUCHER SYSTEM

    DEFINITIONS OF TERMS

    SUBSIDIARY LEDGER- Individual’s customers account that are controlled by the Accounts
    Receivable accounts.

     The sum of all the individual balances in the accounts receivable subsidiary ledger must
    equal the balance in the accounts receivable control account in the subsidiary ledger.

    SPECIAL JOURNALS

    SALES JOURNAL (S) – Sales of merchandise on account

    CASH RECEIPTS JOURNAL (CR) – Receipts of Cash.

    PURCHASES JOURNAL (P) – Credit purchases of merchandise and other items

    CASH DISBURSEMENT JOURNAL (CD) – Payments of cash

    GENERAL JOURNAL (GJ) – Entries that do not fit in the other journals

     Cash Sales are recorded in Cash Receipts Journal


     Cash Purchases of merchandise and other items are recorded in Cash Disbursement
    Journals
     Recording of Purchases Returns and Allowances and Sales Returns and Allowances are
    recorded in General Journal.

    SCHEDULE OF ACCOUNTS (PAYABLE/RECEIVABLE) – Prepared at the end of each accounting


    period to verify that the subsidiary ledger agrees with the related control account.

    VOUCHER SYSTEM – Control purchases and Cash disbursements by formalizing the process of
    verification and approval of payments.

    VOUCHER – A serially numbered form that identifies the name and address of the payee, the
    due date, terms, description, and invoice amount.

     CHECK VOUCHER – Bank


     VOUCHER PAYABLE – Merchandising
     VOUCHER PACKAGE – Copies of purchases requisition, purchases order, invoice
    and receiving report.

    VOUCHER REGISTER – Takes the place of Purchase Journal, and provides a record of all
    authorized check payments.
    UNPAID VOUCHER FILE – The absence of entries in the payment date and check number
    columns of the voucher register indicate that the voucher is unpaid.

    CHECK REGISTER – Simplified form of the Cash Disbursement journal. The register is a record of
    all check payments.

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