About This Chapter
Journals & Ledgers in Accounting - Chapter Summary and Learning Objectives
The lessons in this chapter address general and subsidiary ledgers, journals and balancing of journals, and adjusting entries in order to reflect an accurate accounting of the company's financial situation, for both internal and external use.
These lessons are both text and short videos, with video lessons lasting 5-10 minutes in run time. All lessons include a quiz that can be taken at the end to assess your understanding of the material. If you need to refer back to a specific part of a video lesson, you can do so with the video transcript or by using the keyword-based timeline tool that allows you to replay any section. Completion of the lessons in this chapter means you will understand:
- Ledgers and chart of accounts
- The general ledger and subsidiary ledger
- A general journal in accounting
- Journal entries and trial balance in accounting
- Purchases journal, cash payment journal and cash receipts journal
- Proper adjustment of previous entries
|Ledgers and Chart of Accounts: Definitions and Use||Assess the ledger and the chart of account.|
|What Is a General Ledger? - Definition & Examples||Point out how to make entries into the general ledger.|
|Subsidiary Ledger: Definition & Examples||Conclude how to stay organized using subsidiary ledgers.|
|What Is a General Journal in Accounting? - Definition, Format & Examples||Imagine how to use this most basic of accounting journals.|
|Journal Entries and Trial Balance in Accounting||Evaluate two of the concepts that make up an accounting cycle.|
|Purchases Journal: Definition & Example||Anticipate how the purchase journal is used and what types of transactions are recorded.|
|Cash Payments Journal: Definition & Example||Prepare for how a company might use a cash payments journal.|
|Cash Receipts Journal: Definition & Examples||Hypothsize the posting and balancing of the cash receipts journal.|
|Adjusting Entries: Definition, Types & Examples||Conclude how adjusting entries can be used to ensure accurate reporting of the company's financial situation.|
1. Ledgers and Chart of Accounts: Definitions and Use
There are several key concepts that are important to learn when it comes to accounting. In this lesson, you will learn about the ledger and the chart of accounts.
2. 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.
3. Subsidiary Ledger: Definition & Examples
When it comes to business accounting, there are lots of accounts to track. One way that accountants are able to stay organized is to use subsidiary ledgers. This lesson will describe what subsidiary ledgers are and how they are used.
4. 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.
5. Journal Entries and Trial Balance in Accounting
There are several concepts that make up an accounting cycle. In this lesson, you will learn about two of those - journal entries and the trial balance.
6. 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.
7. 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.
8. 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.
9. Adjusting Entries: Definition, Types & Examples
Adjusting entries are a very important part of the accounting cycle because they ensure that you are reporting the company's financial situation accurately. In this lesson, you will learn which accounts need adjusting and how those adjustments are made.
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Other chapters within the Accounting 302: Advanced Accounting course
- Business Ownership Types
- Key Accounting Concepts
- Accounting Equations & Formulas
- Financial Statements, Balance Sheets & Income Statements
- Analyzing Financial Statements
- Financial Statement Ratios
- Accounting for Inventory
- Accounting for Depreciation
- Accounting for Compensation, Taxes & Liabilities
- Adjustments & Closing Entries
- Corporate Accounting
- Departmentalized Accounting
- Taxation for Corporations
- Business & Financial Forecasting
- Required Assignments for Accounting 302
- Studying for Accounting 302