Page 188 - Accounting Information Systems

CHAPT E R 4 The Revenue Cycle 159

FI G U R E
4-4 JOURNAL VOUCHER

Number: JV6-03
Journal Voucher
Date: 10/7/2009
Account Amount
Number Account Name DR. CR.
20100 Accounts Receivable 5,000
50200 Sales 5,000

Explanation: to record total credit sales for 10/7/2009

Approved by: JRM Posted by: MJJ

in Figure 4-5. Each stock release document reduces the quantity on hand of one or more inventory
accounts. Periodically, the financial value of the total reduction in inventory is summarized in a journal
voucher and sent to the general ledger function for posting to the following accounts:

DR CR
Cost of Goods Sold XXX.XX
Inventory—Control XXX.XX

UPDATE ACCOUNTS RECEIVABLE. Customer records in the accounts receivable (AR) subsidi-
ary ledger are updated from information the sales order (ledger copy) provides. Every customer has an
account record in the AR subsidiary ledger containing, at minimum, the following data: customer name;
customer address; current balance; available credit; transaction dates; invoice numbers; and credits for
payments, returns, and allowances. Figure 4-6 presents an example of an AR subsidiary ledger record.

FI G U R E
4-5 INVENTORY SUBSIDIARY LEDGER

Perpetual Inventory Record – Item # 86329

Item Units Units Qnty On Reorder Qnty On Purch Vendor Standard Total Inven.
Description Date Received Sold Hand Point EOQ Order Order # Number Cost Cost
3" Pulley 9/15 50 950 200 1,000 – – – 2 1,900
"
9/18 300 650 1,300
9/20 100 550 1,100
9/27 300 250 500
10/1 100 150 200 1,000 1,000 87310 851 2 300
10/7 1,000 1,150 – 2,300