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Fabm1 Lesson 4 Books of Accounts

This document discusses common business transactions and accounting books. It explains that the general journal and special journals are used to initially record transactions, while the general ledger and subsidiary ledgers are used to finally record transactions. It provides details on the format of the general journal and special journals for recording sales, purchases, cash receipts and payments. It also explains that the general ledger contains a page for each account, while the subsidiary ledger contains individual accounts for each customer or creditor to help with collections.

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John Mark Solitario
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32 views

Fabm1 Lesson 4 Books of Accounts

This document discusses common business transactions and accounting books. It explains that the general journal and special journals are used to initially record transactions, while the general ledger and subsidiary ledgers are used to finally record transactions. It provides details on the format of the general journal and special journals for recording sales, purchases, cash receipts and payments. It also explains that the general ledger contains a page for each account, while the subsidiary ledger contains individual accounts for each customer or creditor to help with collections.

Uploaded by

John Mark Solitario
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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FUNDAMENTALS OF

ACCOUNTANCY, BUSINESS
AND MANAGEMENT
LESSON 4: ANALYZING1
(FABM1)
COMMON BUSINESS
TRANSACTIONS
LEOVINO A. MERLE
Subject Teacher
Registration Number:
QAC/R63/0216

Department of Education-Division of Quezon


LESSON OBJECTIVES
At the end of the session, students are expected
to:
• Illustrate the format of a general journals and
special journals.
• Illustrate the format of general ledger and
subsidiary ledger.

Registration Number:
QAC/R63/0216

Department of Education-Division of Quezon


Registration Number:
QAC/R63/0216

Department of Education-Division of Quezon


Books of Accounts
Registration Number:
Formal accounting books where the businessQAC/R63/0216

transactions are recorded.


MAJOR TYPES:
Journal
• General The accounting book where the business
Journal transactions are first recorded. Also called as the
• Special book of original entry. The process of recording in
Journals the journal is called journalizing.
Ledger The accounting where the business
• General transactions are finally recorded. Also called as
Ledger the book of final entry. The process of
• Subsidiary recording in the ledger is called posting.
Ledger
Department of Education-Division of Quezon
Books of Accounts
General Journal Registration Number:
QAC/R63/0216

• Date of transaction
• Name of the account debited as well as the amount
• Name of the account credited as well as the amount
• A posting reference indicating the account number of the account
• Brief explanation of the transaction being recorded
Department of Education-Division of Quezon
Books of Accounts
Special Journal Registration Number:
QAC/R63/0216
Designed for recording specific types of transactions of
a similar nature.
SPECIFIC TRANSACTIONS
JOURNAL ABBREVIATIONS RECORDED

Sales Journal SJ Sales of merchandise on account

Service Journal SJ Services rendered to


customers/clients on account
Cash Receipts Journal CRJ Receipts of cash

Purchases Journal PJ Credit purchases of merchandise


and other items
Cash disbursements CDJ Payments of cash
Journal

Department of Education-Division of Quezon


Books of Accounts
Registration Number:
QAC/R63/0216
General Ledger

Department of Education-Division of Quezon


Books of Accounts
A set up ledger page for each customer Registration Number:

Subsidiary QAC/R63/0216

/creditor; must be updated daily to


Ledger
facilitate collection.

Department of Education-Division of Quezon


Registration Number:
QAC/R63/0216

THANK YOU
VERY MUCH!

Department of Education-Division of Quezon

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