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30-Day Money-Back Guarantee

This course includes:

  • 11.5 hours on-demand video
  • 19 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Assignments
Finance & Accounting Accounting & Bookkeeping Financial Accounting

Financial Accounting – Subsidiary Ledgers & Special Journals

Subsidiary ledgers for accounts receivable & accounts payable. Special Journals - Sales journal, purchases journal
Rating: 4.7 out of 54.7 (230 ratings)
16,276 students
Created by Robert (Bob) Steele
Last updated 6/2019
English
English [Auto]
30-Day Money-Back Guarantee

What you'll learn

  • Subsidiary Ledgers
  • Special Journals
  • Sales Journal
  • Purchases Journal
  • Cash Receipts Journal
  • Cash Payments Journal
  • Excel
  • Accounting Cycle

Requirements

  • We should have a basic understanding of financial accounting and debits and credits.

Description

We record transactions using special journals and track accounts receivable by customer and accounts payable by vendor using subsidiary ledger. 

We should have a good understanding of debits and credits before this course and we have courses covering debits and credits. We can construct an accounting system where we record every financial transaction using debits and credits in a general journal, posting each journal entry to the general ledger, making the trial balance form the general ledger, and the financial statements from the trial balance. The process of recording every transaction using debits and credits is the process we have used in the past. 

To reduce the amount of data input when using a manual system, we can group transactions by transaction type and create special journals to record them. An accounting system using special journals can reduce data input by limiting the amount data needed to be input for each transaction due to the format of the special journal. Special journals can also eliminate the need to post each transaction to the general ledger. Rather than posting each transaction to the general ledger special journals are added up at the end of the period and one transaction is then posted for the entire period.  

Special journals are typically used in a manual system but understanding them helps any system because it helps to see what components of an accounting system are necessary to all accounting systems, which components can be changed, and when changing the format of the system would be beneficial. Automated systems also often general useful reports in a similar format as the special journals. 

Subsidiary ledgers for accounts receivable and accounts payable are necessary for any system where we make sales on account and purchases on account. In other words, if we make sales and collect money at a later date, we will need to track who owes us money, and if we make purchases and pay at a later date, we will need to track who we owe money to. 

In addition to instructional video, this course will include downloadable

•    Downloadable PDF Files

•    Excel Practice Files

•    Multiple Choice Practice Questions

•    Short Calculation Practice Questions

•    Discussion Questions

The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.

Excel practice files will be preformatted so that we can focus on the adjusting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.

Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple choice questions and discussing how to approach these questions.

Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.

Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.

Who will we be learning from?

You will be learning from somebody who has technical experience in accounting concepts and in accounting software like QuickBooks, as well as experience teaching and putting together curriculum.

You will be learning from somebody who is a:

•    CPA – Certified Public Accountant

•    CGMA – Chartered Global Management Accountant

•    Master of Science in Taxation

•    CPS – Certifies Post-Secondary Instructor

•    Curriculum Development Export

As a practicing CPA the instructor has worked with many technical accounting issues and helped work through them and discuss them with clients of all levels.

As a CPS and professor, the instructor has taught many accounting classes and worked with many students in the fields of accounting, business, and business applications.

The instructor also has a lot of experience designing courses and learning how students learn best and how to help students achieve their objectives. Experience designing technical courses has also benefit in being able to design a course in a logical fashion and deal with problems related to technical topics and the use of software like QuickBooks Pro. 

Content Includes: 

  • Accounts receivable subsidiary ledger
  • Accounts payable subsidiary ledger
  • Special journals
  • Sales journal 
  • Purchases journal
  • Cash receipts journal 
  • Cash payment journal 
  • Accounting Cycle
  • Comprehensive problem
  • Excel
  • Definitions and key term

Who this course is for:

  • Accounting students
  • Business owner
  • Anyone who whats to learn accounting

Course content

9 sections • 79 lectures • 11h 44m total length

  • Preview09:53
  • Preview00:08
  • Preview16:02
  • Accounting Comic Break
    00:15

  • Preview00:08
  • 5 Accounts Receivable AR Subsidiary Ledger Explainedv
    09:00
  • Excel Worksheet
    00:05
  • Worksheet - Accounts Receivable Subsidiary Ledger 700 Part 1-
    12:31
  • 700.20 Accounts Receivable Subsidiary Ledger 700 Part 2-Accounting instructions
    11:58
  • Discussion Question 1 - Subsidiary Ledgers
    1 question
  • Preview08:13
  • Accounting Comic Break
    00:14

  • PDF - 6 AP subsidiary ledgers D & D New
    00:08
  • Preview07:52
  • Excel Download
    00:05
  • Worksheet - Accounts payable subsidiary ledger
    12:31
  • 700.10 Accounts payable subsidiary ledger 700 part 2-Accounting%2C Financial
    13:35
  • Discussion Question 2 - Subsidiary Ledgers
    1 question
  • Multiple Choice Question 2 - Special Journals
    08:27
  • Accounting Comic Break
    00:15

  • Sales Journal
    01:18
  • PDF - 10 Sales Journal Service Company
    00:08
  • 10 Sales Journal Service Company
    09:16
  • Excel Worksheet
    00:05
  • Worksheet - Sales Journal
    19:13
  • PDF - 20 Sales Journal Merchandising Co
    00:08
  • 20 Sales Journal Merchandising Co.
    10:39
  • Excel Worksheet
    00:05
  • 5 Worksheet - Sales Journal Inventory
    17:16
  • Discussion Question 3 - Subsidiary Ledgers
    1 question
  • Multiple Choice Question 3 - Special Journals
    10:00
  • Accounting Comic Break
    00:15

  • Purchases Journal
    01:04
  • PDF - 30 Purchases Journal Service Company
    00:08
  • 30 Purchases Journal Service Company
    10:29
  • Excel Worksheet
    00:05
  • 6 Worksheet - Purchases Journal
    23:02
  • PDF - 33 Purchases Journal Inventory
    00:08
  • 33 Purchase Journal Merchandising Co.
    09:26
  • Excel Worksheet
    00:05
  • Worksheet Purchases Journal
    13:38
  • Discussion Question 4 - Subsidiary Ledgers
    1 question
  • Multiple Choice Question 4 - Special Journals
    11:32
  • Accounting Comic Break
    00:15

  • Cash Receipts Journal
    01:17
  • PDF - 40 Cash Receipts Journal
    00:08
  • 40 Cash Receipts Journal
    18:59
  • Excel Worksheet
    00:05
  • Worksheet - Cash Receipts Journal
    33:51
  • Discussion Question 5 - Subsidiary Ledgers
    1 question
  • Multiple Choice Question 5 - Special Journals
    09:53
  • Accounting Comic Break
    00:15

  • Cash Payments Journal
    01:22
  • PDF - 50 Cash Payment Journal
    00:08
  • 50 Cash Payments Journal Service Company
    13:40
  • Excel Worksheet
    00:05
  • 4 Worksheet Cash Payment Journal
    27:39
  • Discussion Question 6 - Subsidiary Ledgers
    1 question
  • Multiple Choice Question 6 - Special Journals
    10:39
  • 700 CPA Exam Part 1 Subsidiary ledgers %26 special journals - CPA exam %26 other
    16:35
  • Accounting Comic Break
    00:15

  • Comprehensive Problem
    02:05
  • Excel Worksheet
    00:05
  • Comprehensive Problem Special Journals Part 1
    27:50
  • Comprehensive Problem Special Journals Part 2
    25:02
  • Comprehensive Problem Special Journals Part 3
    30:37
  • Comprehensive Problem Special Journals Part 4
    31:26
  • Comprehensive Problem Special Journals Part 5 Adjusting Entries
    27:55
  • Comprehensive Problem Special Journals Part 6 Financial Statements
    43:32
  • Comprehensive Problem Special Journals Part 7 Closing Process
    16:55
  • Multiple Choice Question 7 - Special Journals
    06:24
  • Accounting Comic Break
    00:15

  • Accounts Payable Ledger Definition - What is the Accounts Pa
    02:38
  • Accounts Receivable Ledger - What is Accounts Receivable Led
    02:07
  • Cash Disbursements Journal - What is Cash Disbursements Jour
    03:37
  • Check Register Definition - What is Check Register%3F
    02:39
  • Compatibility Principle Definition - What is Compatibility P
    02:01
  • Controlling Account Definition - What is Controlling Account
    03:28
  • Cost Benefit Principle definition - What is the Cost Benefit Principle%3F
    03:41
  • General Ledger Definition What is General Ledger%3F
    02:36
  • Purchase Requisition Definition - What is Purchase Requisition%3F
    01:44
  • Sales Journal Definition - What is Sales Journal%3F (1)
    03:11
  • Subsidiary Ledger Definition - What is Subsidiary Ledger%3F
    03:17
  • Multiple Choice Question 8 - Special Journals
    06:58
  • Accounting Comic Break
    00:15

Instructor

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Robert (Bob) Steele
  • 4.4 Instructor Rating
  • 14,655 Reviews
  • 304,966 Students
  • 91 Courses

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.  

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).  

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.  

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.  

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.  

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.  

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.  

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.  

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.  

Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.

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