XACC 280 week 4 CheckPoint Subsidiary and Special Ledgers Journals

CheckPoint: Subsidiary Ledgers and Special Journals

• Explain in 250 to 300 words, your answers to the following:

o What are the advantages of the four different special journals? When would you use each

type?

o What is a subsidiary ledger and what purpose does it serve?

o What is a control account and what purpose does it serve?

o Which two general ledger accounts may act as control accounts for a subsidiary ledger?

o What are the advantages of using subsidiary ledgers?

Assignment: Preparing a Financial Statement Worksheet

• Complete E4-1 on pp. 176–177 of Financial Accounting.

• Use the template in Appendix E to complete the 10-column worksheet.

• Post the completed worksheet as an attachment.