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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What are subsidiary ledgers and control accounts, and why are they used? Describe how they work.

To determine

Explain the subsidiary ledgers and control accounts and its purpose and the manner in which they work.

Explanation

Subsidiary ledgers: Subsidiary ledger is a ledger account which records detailed information of the account which is already recorded in the general ledger such as accounts receivable subsidiary ledger and accounts payable subsidiary ledger.

Control accounts: Control account is an account which is recorded in a summarized form in general ledger and its detailed information is recoded in the subsidiary ledgers. Examples are accounts receivable account and accounts payable...

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