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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 transactions in accounts receivable subsidiary ledger

The debits and credits from three related transactions are presented in the following customer's account taken from the accounts receivable subsidiary ledger:

Chapter 5, Problem 5.5EX, Identify transactions in accounts receivable subsidiary ledger The debits and credits from three

Describe each transaction, and identify the source of each posting.

To determine

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.

Accounts receivable subsidiary ledger

Accounts receivable subsidiary ledger keeps the detailed information about the payment history of the customers, who received goods and services from the business on account.

To describe:  Each transaction and identify their source of posting.

Explanation

The transaction on April 3 was posted from Revenue Journal, and both debit column and balance column are equal and more specifically it has been recorded in the accounts receivable subsidiary ledger. So goods or services are provided on account...

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