Topic - Accounting systems, special journals and subsidiary ledgers
Refer to the latest financial report of JB Hi-Fi limited on its website, www.jbhifi.com.au, and answer the following question:
1. JB Hi-Fi limited is one of Australia's major home entertainment retail organizations. After reviewing the finical report, what types of different accounting journals would you expect the company to use?
2. From the statement of cash flows, name the journal(s) or journal summaries in which you would expect to find the following transactions recorded:
(a) receipt from customers
(b) payment to suppliers and employees
(c) dividends paid to members of the parent entity
(d) payments for property, plat and equipment.
3. From the Financial statements and notes in relation to revenues and expense and expenses, name the journal(s) or journal summaries in which you would expect to find the following transactions recorded:
(a) cost of sales expense
(b) sales and marketing expense
(c) other income
(d) occupancy expense.
4. In general journal format, provide entries that could be made by the company to account for all of the items in (2) and (3) above.