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Ch 13: Journals in Accounting

About This Chapter

Make sure you fully understand the different types of journals and ledgers used to record cash purchases, balances, profits and other vital accounting information with the use of this chapter. Use these lessons to enhance accounting or finance class studies or prepare for student assessments or exams.

Journals in Accounting - Chapter Summary

What are general journals and ledgers? Which types of special journals are used in accounting? What are closing entries? This chapter will provide a review of this type of information through simple explanations, definitions and detailed examples.

You will study facts about control accounts, contra accounts, profit and loss summaries, assets and other topics relevant to accounting journals and ledgers. After you have completed your study of this chapter, you should be able to:

  • Define and describe the uses of journals for sales, purchases, cash receipts and cash payments
  • Explain the purpose and format of a general journal in accounting
  • Discuss what a contra account is and what it reflects the value of
  • Describe uncollectable accounts and how they are accounted for
  • Record infrequent transactions in a general journal
  • Provide details about and examples of non-current assets
  • Talk about the use of control accounts and prepare loss/profit summaries and adjusted trial balances
  • Detail the process for closing entries

You will receive expert instruction via text and video lessons that are accessible at all times, from any device. This means you can study at your own pace and when it's most convenient for your schedule. Self-assessment quizzes found in each lesson are great tools you can use to determine if you have mastered these topics and if you need any further study in any part of this chapter.

14 Lessons in Chapter 13: Journals in Accounting
Test your knowledge with a 30-question chapter practice test
Cash Payments Journal: Definition & Example

1. Cash Payments Journal: Definition & Example

In this lesson, we'll learn about cash payments journals. We'll explain how a company might use one and use an example to learn how to make entries. The lesson will be concluded with a summary and a quiz.

Cash Receipts Journal: Definition & Examples

2. Cash Receipts Journal: Definition & Examples

This lesson explains how a cash receipts journal is used by a business, what types of transactions are posted in a cash receipts journal, and how to keep those transactions balanced.

Purchases Journal: Definition & Example

3. Purchases Journal: Definition & Example

This lesson explains what a purchase journal is, how it is used, and what types of transactions are recorded in a purchase journal. Several different examples of purchase journal postings are included.

Sales Journal in Accounting: Definition & Examples

4. Sales Journal in Accounting: Definition & Examples

In this lesson, we will explain the sales journal, a journal used to record sales made on credit. We will explain the use of this sub-journal, and provide examples of creating a sales journal.

What Is a General Journal in Accounting? - Definition, Format & Examples

5. What Is a General Journal in Accounting? - Definition, Format & Examples

The general journal is usually the first of a company's accounting records that we learn about and use, but it can also be one of the most misunderstood. It doesn't have to be difficult, though, as we'll show here.

Contra Account: Definition & Examples

6. Contra Account: Definition & Examples

General ledger accounts will have a debit or credit normal balance, and contra accounts that offset the parent account. This lesson will explain what a contra account is and how it works to accurately show the value of a firm's financial statements. It will also provide examples to illustrate the impact.

Uncollectible Accounts, the Allowance Method & Bad Debt

7. Uncollectible Accounts, the Allowance Method & Bad Debt

Do you think that every customer that opens a credit account will pay off their balance completely? In the real world, not every customer does. In this lesson, you are going to learn what uncollectible accounts are and how to account for them.

Using a General Journal to Record Infrequent Transactions

8. Using a General Journal to Record Infrequent Transactions

In accounting, as in life, not everything can be frequent or routine. In this lesson we will define the general journal and how it can be used to log infrequent and non-cash transactions.

Non-Current Assets: Definition & Examples

9. Non-Current Assets: Definition & Examples

The accounting industry is centered on a basic equation: Assets = Liabilities + Owner's Equity. To fully understand this, you must first understand each component of the equation. In this lesson, we will discuss one category that falls under the classification of an asset: non-current assets.

What Is a General Ledger? - Definition & Examples

10. What Is a General Ledger? - Definition & Examples

Accountants and bookkeepers record financial events in multiple documents in order to ensure the accuracy of the information. In this lesson, we will look at the general ledger and you can discover how to make entries into this ledger.

Control Accounts: Definition & Uses

11. Control Accounts: Definition & Uses

In this lesson, we'll learn about control accounts in accounting. We will define what they are and outline their use and purpose in keeping a clean general ledger.

Closing Entries: Process, Major Steps, Purpose & Objectives

12. Closing Entries: Process, Major Steps, Purpose & Objectives

The accounting cycle is a multi-step process. In this lesson, you will learn about part of that process: making closing entries. You will learn what closing entries are, what accounts are affected, and how they are made.

How to Prepare a Profit & Loss Summary

13. How to Prepare a Profit & Loss Summary

Knowing how to prepare a profit and loss summary is important for any business. Learn how to prepare one, how the net profit or loss is transferred to a capital account, the meaning of transferring drawings to a capital account, and why it's performed.

Adjusted Trial Balance: Definition, Preparation & Example

14. Adjusted Trial Balance: Definition, Preparation & Example

There are many steps in the accounting cycle that must be taken before a company's financial statements are prepared. In this lesson, we will be discussing one of those steps - creating an adjusted trial balance.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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