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

The four special journals used are sales journal, purchase journal; cash receipt journal and cash payment journal. Data of recurring nature is recorded using these journals. These journals are also used to record transactions using journal entry. Transactions related to sale are recorded in sales journal. Credit purchase, cash receipts, and payments are recorded in purchase journal; cash receipt journal, and cash payment journal respectively.

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What is a subsidiary ledger and what purpose does it serve? $ su#sidiary ledger refers to a set of accounts which have common characteristics. In this ledger the various accounts are arranged together to assist the accounting process. These accounts make general ledger free from details regarding individual #alances.

What is a control account and what purpose does it serve? $ control account is a general ledger account whose #alance reflects the total of #alances of related su#sidiary ledger accounts. These accounts serves as a cross check of the accuracy of the related su#sidiary records.

Which two general ledger accounts may act as control accounts for a subsidiary ledger? The two accounts that may act as control accounts for su#sidiary ledger are accounts receiva#le and the accounts paya#le ledger.

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What are the advantages of using subsidiary ledgers?

)u#siadiary ledgers keep accurate record of accounts in a particular order and organi*ed manner.

It makes the general ledger free from e%tra and redundant details.

It can keep track of large amount of customers since can divide masses of financial data into managea#le parts.

&ses control accounts to eliminate errors in individual accounts.