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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Identify postings from revenue journal

Using the following revenue journal for Zeta Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts:

Chapter 5, Problem 5.1EX, Identify postings from revenue journal Using the following revenue journal for Zeta Services Inc.,

To determine

General Ledger

General ledger refers to the ledger that records all the transactions of the business related to the company’s assets, liabilities, owners’ equities, revenues and expenses. Each subsidiary ledger is represented in the general ledger by summarizing the account.

Subsidiary ledger

Subsidiary ledger refers to the ledger that provides the detailed information of the account already recorded in the general ledger such as accounts receivable subsidiary ledger and accounts payable subsidiary ledger.

To identify:  The postings to be done in general ledger accounts and subsidiary ledger accounts.

Explanation

Subsidiary ledger records the detailed information of the accounts. So, (a), (b), (c), (d) the individual amounts; are posted in the subsidiary ledger accounts...

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