Learning Journal Week 4 PDF

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Learning Journal unit 4...

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Please complete the following tasks: Happy House Bakeshop uses a cash receipts journal, a sales journal, purchases journal, cash disbursements journal, cash receipts journal, and a general journal. 1. Identify which journal should be used to record each of the following transactions? A. Adjusting entry to record depreciation B. Purchase of baking equipment on credit C. Sale of merchandise on credit D. Sale of merchandise for cash E. Cash refund to a customer who returned a product that was purchased F. Return of merchandise to a vendor that was damage G. Payment of property taxes H. Purchase of a delivery van for cash I. Purchase of merchandise on credit 2. Explain how special journals can benefit accounting personnel. 3. Explain what you have learned about companies using special journals. 4. What information covered in Unit 4 interest you most and why? Be sure that your Learning Journal entry is a minimum of 500 words. Make sure you cite and reference your sources of information in the APA format.

1. Identify which journal should be used to record each of the following transactions? A. Adjusting entry to record depreciation-- General journal. B. Purchase of baking equipment on credit-- Purchase journal/ general journal. C. Sale of merchandise on credit-- Sales journal. D. Sale of merchandise for cash--Cash receipts journal. E. Cash refund to a customer who returned a product that was purchased-- Cash disbursement journal. F. Return of merchandise to a vendor that was damage-- General journal. G. Payment of property taxes --Cash disbursement journal. H. Purchase of a delivery van for cash-- Cash disbursements journal.

I. Purchase of merchandise on credit--Purchases journal. 2. Explain how special journals can benefit accounting personnel. Special journals can benefit accounting personnel in many ways. 

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lower fraud probability, The chances of fraudulent attempts and recording false transactions in an account are low because special journal transactions are chronologically recorded and an assigned person is responsible for its activity log. Special journals increase efficiency, when the accounting department distributes the tasks of recording business transactions between accountants, the workflow will take less time, which in turn, will optimize and increase the efficiency. Errors reduction, when each special journal is handled by particular accountant personnel, the errors will eventually be reduced due to the fact that each accountant knows their specific transaction recording. Detailed posting reduction, In special journals, only one posting for the total amount is made to the relevant ledger at the end of the month, which reduces the amount of unwanted information. simplified representation, the information in special journals is recorded in a single line that provides all needed information in detail.

(Franklin et al., 2020) 3. Explain what you have learned about companies using special journals. Large businesses and corporations have to record large amounts of transactions in the systems, then they have to process them by the accounting information system. (Franklin et al., 2020) For example, recording all transactions in the general journal makes it difficult to retrieve small or specific information that is needed for a single customer. Therefore, the use of special journals and subsidiary ledgers makes the accounting information system and the workflow more effective, and it enables easier retrieving methods for certain kinds of information.

4. What information covered in Unit 4 interests you most and why? The most interesting thing I have learned from Unit 4 is analyzing the relationship between special Journals, General journals, and General Ledger. Also, journalizing the transactions and recording them in the special journals, and how to relate the information all together to understand the bigger picture. Finally, as we move forward, I started to understand more and more about the real-world, especially, the stock market and finance topics in the news. It turns out, everything is about accounting, in one way or another. Now, I feel everything connects and it makes sense, also, all the companies I worked for are using SAP. I think SAP is making a fortune because almost all companies are using it.

Reference: - Franklin, M. Graybeal, P. & Cooper, D. (2020). Principles of accounting, volume 1: Financial accounting. Open Stax Rice University. https://openstax.org/details/books/principles-financialaccounting...