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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Accounts receivable subsidiary ledger

The debits and credits from two transactions are presented in the following customer account:

Chapter 5, Problem 5.2BPE, Accounts receivable subsidiary ledger The debits and credits from two transactions are presented in

Describe each transaction and the source of each posting.

To determine

Accounts receivable subsidiary ledger:

Account receivable subsidiary ledger is the ledger which is used to post the customer transaction in one particular ledger account. It helps the business for locate the error in the customer ledger balance. After all transactions are posted, the balances in the accounts receivable subsidiary ledger should be totaled, and compare with the balance in the general ledger of accounts receivable. If both the balance does not agree, the error has been located and corrected.

To describe: The each transaction, and explain the source of each posting.

Explanation

Aug. 10 – Invoice No. 119

In the M Products Incorporation (customer) account, invoice number 119 is debited; it means the company provided the service to M Products Incorporation, and the amount of $750 is posted from Page 24 of the revenue journal...

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