Answered: Accounts receivable's subsidiary ledger…

Business

Accounting

Accounts receivable's subsidiary ledger should have a total of all accounts

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 1TP: Why must the Accounts Receivable account in the general ledger match the totals of all the...

See similar textbooks

Related questions

Q: Customer payments received in advance of the product or service being provided is recorded in which…

A: The company can collect advance from the customer before sale of the goods. This method of…

Q: All accounts in the subsidiary ledger of accounts receivable should be summed up

A: This question explains the subsidiary ledger of accounts receivable should be summed up.

Q: The general ledger or subsidiary ledger should be indicated for each account

A: This question deals with the general ledger or subsidiary ledger should be indicated for each…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger…

A: General ledger: General ledger is a record of all accounts of assets, liabilities, and stockholders’…

Q: The subsidiary ledger that includes customer account activity is called the a. asset ledger b.…

A: Under subsidiary ledger, all activities related to customer is recorded.

Q: Explain the following four graphs in the context of accounts receivable management.

A: The increase in Quality of account rejected will reduce sales. Increasing the quality of accounts…

Q: What are the normal balances of the various sales-related accounts?

Q: Prepare a trial balance for the selected general ledger accounts and prove the accuracy of…

A: Trial Balance -:A trial balance is a simple schedule of all the common ledger accounts (both income…

Q: Distinguish between an accounts payable file and a vouchers payable file.

A: Accounts Payable system: The accounts payable system looks over the due payments to be processed…

Q: Post the Journal Entries to the General Ledger and Subsidiary Ledgers. Amounts to the Accounts…

A: A general ledger is an account in which the total of all accounts are posted and the total of this…

Q: Describe the responsibilities of an accounts payables specialist.

A: Accounts payable specialists ensures vendors get paid for services and products rendered. They play…

Q: Explain briefly the purpose of making accounts receivable subsidiary ledger and accounts payable…

A: Accounts receivable subsidiary ledger Records each and every transaction and maintains the history…

Q: What is a schedule for accounts receiveable?

A: AR stands for Accounts Receivable which is defined as the balance of amount due to the company for…

Q: Which duties should be segregated? a. matching purchase requisitions, receiving reports, and…

A: Cash Disbursement System: The cash disbursement system carries out the responsibility of…

Q: According to the Revenue Cycle Flowcharting Process, the "Pure Credit Sales" portion of the credit…

Q: Sales made to person on credit should be credited to which of following ledger accounts

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: Compare and contrast a manual accounting system for processing customer transactions. Include an…

A: A manual accounting system is a bookkeeping system for recording business activity transactions,…

Q: The entry to record the granting of credit to a customer for a sales return is posted to…

A: Sales returns and allowances: Sometimes, customers either return goods due to manufacturing defects,…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Note…

A: Note receivable refers to a note such as promissory note issued by a receiver of loan to issuer of…

Q: Individual customer accounts are kept in a ledger O purchase ledger O sales ledger O general ledger…

A: Solution: Individual customer accounts are kept in a ledger called a "Subsidiary ledger".

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts.…

A: Equipment: It is the fixed asset of the organization.

Q: Refer to the locations identified general ledger accounts.

A: General Ledger is a Second Step of Bookkeeping. It comes after completion of Recording of…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts:…

Q: Discuss the relationship between the balance in the accounts payable general ledger control account…

A: Definition: General ledger: General ledger is a record of all accounts of assets, liabilities, and…

Q: what is procedure to posting account receivable ledger and inventory system . Explain with entry

A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.…

Q: Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The…

A: Accounts payable forms a part of current liabilities of the business and represent the amount due to…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts:…

A: Account: It can be defined as a record that is maintained in the accounting system to track the…

Q: 1. Draw up a) Sales journal and Cash Receipt Journal b) Accounts Receivable Subsidiary Ledgers c)…

A: Cash receipt journal is the journal which records and shows how cash been received by the business…

Q: How to identify the debit and credit amount for the general ledger

A: In order to balance the journal ledger both the debit and credit accounts to be balanced that is…

Q: Prepare the accounts payable subsidiary ledger, and determine that the total agrees with the ending…

Q: Suggest Four reasons why there might be difference between the balance on the receivable ledger…

A: A control account is a general ledger that contains a single debit or credit balance which is the…

Q: Identify the cycle to which each of the following general ledgeraccounts will ordinarily be…

A: General ledger: A general ledger is also referred to as a nominal ledger which is a book keeping…

Q: Explain the two methods of recording account receivables and credit sales and the PFRS 15…

A: *Two method of recording account receivable are: 1. record receivables and sales gross 2 .record…

Q: Explain the relationship between the balance in the account payable general ledger control account…

A: Accounts Payable general ledger account is generally used to record all liabilities related to when…

Q: The Vendor Ledgers report displays the

Q: A grouping of the entry's accounts is referred to as a ledger.

A: The accounting is process to record the transactions, post the transactions, prepare the trial…

Q: Only Ledger Accounts required.

A: Debit Credit a Cash 8,000 Capital 8,000 b…

Q: A subsidiary ledger contallillg O Accounts payable ledger. O Accounts receivable ledger. O Customer…

A: The subsidiary ledger includes accounts receivable ledger, accounts payable, sales ledger and…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger.

A: General Ledger: It is a process of summarizing all the financial transactions of an account for a…

Q: What steps are followed in posting from the sales journal to the accounts receivable ledger?

A: Sales Journal A journal is a book of original entry where all journal entries are recorded on the…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger…

A: The general ledger records all the financial accounts of a company. The general ledger includes…

Q: State the purpose of footing the total column in the client’saccounts receivable trial balance,…

A: A necessary audit procedure is to test the information on the client's trial balance for detail…

Question

Accounts receivable's subsidiary ledger should have a total of all accounts

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.
Why must the Accounts Receivable account in the general ledger match the totals of all the subsidiary Accounts Receivable accounts?
The schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledger
What is a schedule of accounts receivable?
What is the accounts receivable ledger? a. A record of credit customers and their balances b. A record of vendors and their balances c. Part of the sales journal d. Part of the general journal e. Part of the general ledger
In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)
List by account classification the order of the accounts in the general ledger.
The sum of all the accounts in the accounts receivable subsidiary ledger should ________. A. equal the accounts receivable account balance in the general ledger before posting any amounts B. equal the accounts payable account balance in the general ledger before posting any amounts C. equal the accounts receivable account balance in the general ledger after posting all amounts D. equal the cash account balance in the general ledger after posting all amounts
A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?
Post the following entry to the general ledger and the subsidiary ledger.
The Sum of all the accounts in the accounts receivable subsidiary ledger should?
All accounts in the subsidiary ledger of accounts receivable should be summed up