Page 253 - Accounting Information Systems

224 PART II Transaction Cycles and Business Processes

FI G U RE RELATIONSHIP BETWEEN PURCHASE JOURNAL,AP SUBSIDIARY LEDGER, AND JOURNAL VOUCHER
5-7

Hampshire Supply Co.
Purchases Journal

Debit Credit
Date Vendor Invoice Inven Control AP Sub Post AP Control Purchases
Number Acct # 150 Acct # Ref (# 400) Returns # 500
9/4 Jones and Harper Co. 2484 1,500.00 4001 1,500.00
9/5 Ozment Supply 4117 3,600.00 4002 3,600.00
9/6 Jones and Harper Co. 2671 1,000.00 4001 1,000.00
9/7 Superior Machine 9982 200.00 4005 200.00
9/8 Jones and Harper Co. 2690 500.00 4001 500.00
6,800.00 6,800.00

Hampshire Supply Co.
Accounts Payable Subsidiary Ledger
4001 -- Jones and Harper
Journal Voucher
Date Transaction DEBIT CREDIT BALANCE
DR. CR.
9/4 Credit Purchases 1,500.00 1,500.00
Inventory 6,800.00
Control 9/6 Credit Purchase 1,000.00 2,500.00
9/8 Credit Purchase 500.00 3,000.00
Acct Pay
Control 6,800.00 9/12 Cash Payment 3,000.00 0

4002 -- Ozment Supply
General Ledger
Date Transaction DEBIT CREDIT BALANCE
9/5 Credit Purchase 3,600.00 3,600.00

POST TO GENERAL LEDGER. The general ledger function receives a journal voucher from the AP
department and an account summary from inventory control. The general ledger function posts from the
journal voucher to the inventory and AP control accounts and reconciles the inventory control account
and the inventory subsidiary summary. The approved journal vouchers are then posted to the journal
voucher file. With this step, the purchases phase of the expenditure cycle is completed.