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Accounting question...

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  1. Avarice 21 Avarice 21 is offline

    Corvallis, OR
    United States

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    Oct 14th, 2008 (10/14/2008 6:19pm)

    I'm an accounting student and I need some help on a homework problem. If you journalize a cash receipt in a special journal do you also have to record it on the general journal along with the credit that gets recorded there? It seems like that would be putting in the journal twice, which means it would get posted to the general ledger twice. So I'm thinking that I should just record the debit to cash in the cash reciepts special journal and record the credit to the other account on the general journal. It just looks weird on the general journal cause there is a credit with no debit. Any help is appreciated.
  2. bk3686 bk3686 is offline

    Clifton Park, NY
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    Oct 14th, 2008 (10/14/2008 8:08pm) in reply to Avarice 21

    PM me I'm currently in Intermediate Accounting if you still need help.
  3. timthegem timthegem is offline

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    Oct 14th, 2008 (10/14/2008 8:13pm) in reply to Avarice 21

    What the heck is a "special" journal and why would you ever put something in it that you also put in a general journal? That stuff is so irrelevant with all of the accounting software used by businesses today. Study the GAAP and focus on business ethics.
  4. curiousgeorge curiousgeorge is offline baby duck hat

    Las Vegas, NV
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    Oct 14th, 2008 (10/14/2008 8:15pm) in reply to Avarice 21

    Debits always have to equal credits. How does the exact problem read? You question is a little vague.
  5. ccm ccm is offline

    Vancouver
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    Oct 14th, 2008 (10/14/2008 8:17pm) in reply to timthegem

    ^^^ this. WTF is a special journal? I'm a chartered accountant and i dont even know wtf that is
  6. AFink93 AFink93 is offline

    Norwich, CT
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    Oct 14th, 2008 (10/14/2008 8:17pm) in reply to timthegem

    You need to know the basics of bookeeping to pass the course though.. I took accounting like 10 years ago.. Sigh.. Make that 15 years ago.
  7. norcalonica norcalonica is online now

    Palo Alto, CA
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    Oct 14th, 2008 (10/14/2008 8:21pm) in reply to AFink93

    id wish upon a weinstein
     
  8. Bawsten Bawsten is offline

    Fort Myers, FL
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    Oct 14th, 2008 (10/14/2008 8:25pm) in reply to Avarice 21

    Just dont put it in a journal lol.
  9. I Spew Chips I Spew Chips is offline

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    Oct 14th, 2008 (10/14/2008 8:30pm) in reply to Bawsten

    I'm a senior accounting student at UK. PM me if you still need help with this. It'll help if you give me the entire problem and then ask what you need.
     
  10. curiousgeorge curiousgeorge is offline baby duck hat

    Las Vegas, NV
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    Oct 14th, 2008 (10/14/2008 8:33pm) in reply to I Spew Chips

     
    Originally Posted by I Spew Chips View Post

    I'm a senior accounting student at UK. PM me if you still need help with this. It'll help if you give me the entire problem and then ask what you need.

    this. a lot of people are accountants and others are very good at accounting but without the problem and/or more explanation you are not gonna get much help.
  11. Ugot2BKddn Ugot2BKddn is offline

    Sterling, VA
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    Oct 14th, 2008 (10/14/2008 8:39pm) in reply to Avarice 21

    let see if this helps. It sounds like your "SPECIAL" journal is really a subsidiary ledger. This type of ledger is created to keep a specific track of (for example) say fixed assets of a specific type. (for this ex. i'll use business vehicles)

    Normally, you would create the first journal entry in the general ledger using the payment method (i.e. cash), reflected as a credit on the books, to show how you obtained the vehicle, and of course, the offsetting debit, showing the exchange of one asset for another. (cash for vehicle)

    You would make this exact entry in the subsidiary ledger as well. (remember, you make entries in this journal that is specifically related to vehicles only. In the fixed asset account in the General Ledger, it is cumulative number for all assets. (The subsidiary ledger is an itemized accounting of what is in the General Ledger account.

    In summary.. You can have alot of subsidiary ledgers (or special journals) these journals reflect detailed accounting of the corresponding General Ledger account.

    So, the answer to your question is: You should enter the transaction, both debit and credit, in the General Journal as well as the special (or what i'm calling a subsidiary ledger)

    Hope that helps. Ugot
  12. Avarice 21 Avarice 21 is offline

    Corvallis, OR
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    Oct 14th, 2008 (10/14/2008 10:29pm) in reply to Ugot2BKddn

    Thanks ugot. That is what I was looking for. Sorry if my question was vague, but I am doing a project that has 50 or so transactions to record. There isn't just a single paragraph I could type from a book or something to get my point across. I just tried to explain the concept of what I was doing....and to the guy that said just study GAAP...I know I have to follow GAAP, but I cant tell my professor "hey this is b.s. I'm just gonna studay GAAP now give me my degree." I have to do the homework they assign, and this particular project mentioned "special journals" so that is why I asked. Ugot was right, though. Thanks to those who responded seriouly.
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  13. timthegem timthegem is offline

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    Oct 14th, 2008 (10/14/2008 10:40pm) in reply to Avarice 21

    Um, no....you tell your professor, "Hey, puddin' pants, this "special journal" shit sounds totally bogus and unethical, yo. What exactly is that spozetabee? I ain'tz."
  14. Avarice 21 Avarice 21 is offline

    Corvallis, OR
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    Oct 14th, 2008 (10/14/2008 11:38pm) in reply to timthegem

    yeah CPA, Masters of Accounting, worked for PWC, and professor of accounting for last 5 years in an accredited accounting program. im sure he is teaching some unethical shit. that makes sense. oh and the text book probably just made it up to as a joke so that the thousands and thousands of college students who read it and learned accounting from it would learn the wrong shit. ur probably right.
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  15. Unforseen Unforseen is online now

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    Oct 14th, 2008 (10/14/2008 11:44pm) in reply to Avarice 21

    Intermediate Accounting is a bitch. Wait till you get to recording zero-bearing interest note recievables.
  16. ilovescotch ilovescotch is offline Mod of teh xfers

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    Oct 14th, 2008 (10/14/2008 11:51pm) in reply to Unforseen

    intermediate accounting can lmfb
  17. Avarice 21 Avarice 21 is offline

    Corvallis, OR
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    Oct 15th, 2008 (10/15/2008 1:08am) in reply to Unforseen

    Yeah I'm only a Junior so I'm still just beginning my accounting core. I have a lot of left and I know its gonna be a bitch. It'll be worth it though.
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