A subsidiary ledger is used for accounts receivable and accounts payable. Thus, transactions that are made “on account” are posted to the individual customer or creditor accounts.a. Why do companies use subsidiary ledgers for accounts payable and accounts receivable?b. Identify another account that could benefit from using a subsidiary ledger.

Q: Debit postings to the individual accounts in an accounts receivable subsidiary ledgergenerally come…

A: solution concept Account receivable                 Account receivable is the balance of the…

Q: How is accounts-receivable turnover computed and what can the calculation tell the owner-manager?

A: Ratio analysis is significant for the financial position of the corporation, profitability,…

Q: 8. Customers' individual accounts are included in a subsidiary ledger referred to as the accounts…

A: The subsidiary ledgers are the collections of individual accounts that are of similar nature.

Q: A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is…

A: Answer: b. Accounts payable ledger.

Q: When does an accounting information system becomes useful?  What is the relevance of having…

A: 1.When does an accounting information system becomes useful? 2. What is the relevance of having…

Q: A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is…

A: A Subsidiary ledger can be described as a list of individual accounts which is having common…

Q: Sales receipts, purchase orders, and payroll records are all examples of accounting transactions…

A: Book keeper is the employee of the company who is responsible to record the original transactions…

Q: If a company debits Cash and credits Sales Revenue, it is recording the.

A: Real accounts are those assets and liabbilties whose balance is carried forward from one accounting…

Q: Which of the following statements is true? A. There are fewer subsidiary accounts than control…

A: Subsidiary Ledger:-It is the combination of similar nature accounts whose accumulated balance is…

Q: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

A: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

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: 66. The controlling account in the general ledger that summarized the individual accounts with…

A: Creditors are persons from whom a business has made credit purchases on account and the amount has…

Q: The controlling account in the general ledger that summarizes the individual accounts with creditors…

A: A chart of accounts is a in every accounting system which shows all available accounts that can be…

Q: What is a critical element of internal control in the handling of receivables by a business? Explain…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What is the purpose of subsidiary ledgers? Select one: a. Provide supporting details on groups of…

A:

Q: s is true? a. When a company uses a subsidiary ledger, the balance in the control account, Accounts…

A: The correct answer is  (C) c. The balance in the control account, Accounts Receivable, should be…

Q: hich of the following is managed by an accounting department's dministrator? O A. bills and expense…

A: Accounting department refers to the corporate overhead group part of the firm and this department is…

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: • Why would a company maintain separate accounts receivable ledgers for each customer, as opposed to…

A: Step 1: Pros: The use of separate accounts receivable ledger for each customer will help the company…

Q: Drawing from your basic accounting knowledge, list the relevant data attributes that constitute the…

A: Accounting Information system: The Accounting Information System is a system that a business uses…

Q: Which record is not usually maintained under the single entry bookkeeping system? a. cash book b.…

A: Single entry bookkeeping is the method of bookkeeping where every transaction effects single side of…

Q: The companies dispose their accounts receivable because

A: The Companies in the normal course usually dispose their accounts receivables because it relieves…

Q: Which of the following transactions will increase the home office account in the branch's separate…

A: The question is related to Branch Accounting. In case of branch Accounting the branch will be a…

Q: The accounts receivable are sold to company known as a. Broker b. Factor c. Accounting service…

A: Factoring is a type of service offered by finance companies in which the entity or company sells all…

Q: Match the transactions below with the journal or ledger in which it would be entered.   Clear All…

A: Cash receipt journal: All cash receipts should be recorded in this journal Cash payment journal: All…

Q: Match the best answer to each question/ The ledger that contains the financial statement accounts of…

A: The question is related to Match the following. Required  Match the best answer to each question

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: f the individual subsidiary ledger accounts contained the following data: Cadence Company, Vendor,…

A: Accounts Receivables:-It is the current assets that can be received within 12 months. It appears in…

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: The Sum of all the accounts in the accounts receivable subsidiary ledger should?

A: Accounts Receivable means amount due from customers on account of credit sales.  General ledger…

Q: Which of the following is incorrect regarding subsidiary ledger? a. The accounts receivable ledger…

A: A subsidiary ledger is a collection of similar accounts whose consolidated balances are equal to the…

Q: Sales Service and Service Revenue are two income statement accounts that relate to Accounts…

A: Step 1 While reporting income from operations via statement of income, then two more accounts other…

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: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…

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

A:

Q: A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is…

A: Any subsidiary ledger is prepared for detailing the information about transactions with similar…

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

A: Solution:- Introduction:- The accounts receivable subsidiary ledger includes an account balance for…

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

A:

Q: Question 1 i) What is the purpose of an accounts receivable subsidiary ledger? ii) What information…

A: SOLUTION- ACCOUNTS RECEIVABLE  IS THE BALANCE OF MONEY DUE TO A FIRM FOR GOODS AND SERVICES…

Q: An accounting clerk would take first which of the following steps? A. Post individual amounts to the…

A: Option B is correct.

Q: hich of the following should be recorded in Accounts Receivable? Group of answer choices Receivables…

A: Accounts Receivable means the amount to be received from customers in respect of sales effected or…

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

Q: When dealing with receivables, give an example of a subsidiary account.

A: Accounts receivable:   Accounts receivable refers to the amounts to be received within a short…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.