visual basic barcode generator BOOKKEEPING AND ACCOUNTING in Java

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40 BOOKKEEPING AND ACCOUNTING
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to record those accounts that are frequently affected by credit purchase transactions.
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Subsidiary Accounts Payable Ledger
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Early in this chapter, a new subsidiary ledger, called Accounts Receiv able, was created for all a company s customers. A rm that purchases on account would do the same thing, because the credit balance in Accounts Payable represents the total amount owed by the company for purchases on account.
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Because the account shows only the total liability to all sellers, the need for a subsidiary record for each creditor in a separate ledger is apparent.
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Posting to the Subsidiary Ledger During the month, each individual credit entry is posted from the pur chases journal to the creditor s account in the subsidiary ledger. A check mark is placed in the posting reference column in the purchases journal to show that the amount has been posted. The check mark is used because the individual creditor s accounts are not numbered. 1. When a purchase on account is made, the invoice becomes the ba sis for the credit to the creditor s ledger account. 2. When a payment is made, the account is debited. 3. Any credit balance in a subsidiary account represents an unpaid balance owed to that particular rm. No postings are made to the general ledger until the end of the month, when all the amounts are accumulated into one total. It is at this time that the total amount of all purchases for the month, as well as other debits, including supplies, equipment, land, and so on, are posted to the respec tive accounts and then credited to the accounts payable controlling ac count in the general ledger.
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CHAPTER 6: Repetitive Transactions
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The total of all the credit amounts posted to the accounts payable ledger must equal the total credit to the controlling account in the gener al ledger. When the postings from the purchases journal are completed for the month, the ledgers should balance. In order to prove that the subsidiary ledger is in agreement with the controlling account of the general ledger, a schedule of accounts payable is prepared. This schedule is the total of all the balances of each of the credit accounts. Their total must equal that of the controlling accounts payable.
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Return of Merchandise
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At times, a business ordering goods might nd that purchases were re ceived damaged or not meeting certain speci cations. Regardless of the reason, these goods would be returned to the seller and are known as re turns. An allowance would be granted by which the seller gives the pur chaser either a refund or a credit adjustment. Instead of crediting the ac count Purchases for the return, correct accounting procedures would set up a new account, Purchases Returns and Allowances. This contra ac count provides a separate record of the cost reduction and allows man agement to exercise better control of its merchandise purchases. Since Purchases Returns and Allowances is a contra account, its normal balance will be a credit.
You Need to Know
The balance of the Purchases Returns and Al lowances account appears on the income state ment as a reduction of Purchases. The difference is called Net Purchases.
Purchase Discounts
To induce a buyer to make payment before the amount is due, the seller may allow the buyer to deduct a certain percentage from the total. If pay
42 BOOKKEEPING AND ACCOUNTING
ment is due within a stated number of days after the date of invoice, the number of days will usually be preceded by the letter n, signifying net. For example, bills due in 30 days would be indicated by n/30. A 2 per cent discount offered if payment is made within 10 days would be indi cated by 2/10. If the buyer has a choice of either paying the amount less 2 percent within the 10-day period or paying the entire bill within 30 days, the terms would be written as 2/10, n/30. If the buyer chooses to pay within the discount period, a new contra account, Purchase Discount, would be created and would appear as a re duction of Purchases in the cost of goods sold section of the income state ment.
Summary
1. When transactions that are repetitive in nature are grouped to gether, they are placed in a _______ journal. 2. All sales ______ are recorded in the sales journal. 3. The _______ ledger is used to maintain a separate account for each customer. 4. Deductions from list or retail price offered by manufacturers or wholesalers are known as ________. 5. Postings to the general ledger are made _______, whereas sub sidiary accounts are posted ________. Answers: 1. special; 2. on account; 3. accounts receivable; 4. trade dis counts; 5. at the end of the month, immediately
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