College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 9, Problem 4DQ
Why is an accounts receivable ledger or an accounts payable ledger necessary for a business with large numbers of credit customers or large numbers of vendors/suppliers?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What are some indicators that a company is doing an effective job at managing accounts receivable?
Why do you think businesses extend credit to customers thereby creating accounts receivable?
Under what circumstances would accounts receivable be posted as a credit balance :
A. When the business provides additional credit to itscustomer
B. When the business receives additional revenue
C. when the business receives additional revenue
D. When the business pays to its suppliers
Chapter 9 Solutions
College Accounting (Book Only): A Career Approach
Ch. 9 - Which of the following is true about the Sales...Ch. 9 - What is the accounts receivable ledger? a. A...Ch. 9 - Using the information contained in the accounts...Ch. 9 - Prob. 4QYCh. 9 - What does the 2 in 2/10, n/30 mean? a. Pay in 2...Ch. 9 - Prob. 6QYCh. 9 - The schedule of accounts payable lists each...Ch. 9 - If the seller assumes the entire cost of...Ch. 9 - Under the perpetual inventory system, how does the...Ch. 9 - Purchases on account of merchandise for resale...
Ch. 9 - What is the difference between a wholesale...Ch. 9 - For each of the following accounts, identify...Ch. 9 - Prob. 3DQCh. 9 - Why is an accounts receivable ledger or an...Ch. 9 - Why is it a good practice to post daily to the...Ch. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Record the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Journalize the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Record the following transactions for a perpetual...Ch. 9 - Toby Company had the following sales transactions...Ch. 9 - Williams Corporation had the following purchases...Ch. 9 - Kelley Company has completed the following October...Ch. 9 - Bell Florists sells flowers on a retail basis....Ch. 9 - Berrys Pet Store records purchase transactions in...Ch. 9 - Shirleys Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Hawkins,...Ch. 9 - Gomez Company sells electrical supplies on a...Ch. 9 - Patterson Appliance uses a three-column purchases...Ch. 9 - Prob. 1PBCh. 9 - Lowerys Pet Depot records purchase transactions in...Ch. 9 - Mays Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Khan, Inc., a...Ch. 9 - Prob. 5PBCh. 9 - West Bicycle Shop uses a three-column purchases...Ch. 9 - Prob. 1ACh. 9 - You are the bookkeeper at a small merchandising...Ch. 9 - Following is a trial balance prepared just before...Ch. 9 - Prob. 1CP
Additional Business Textbook Solutions
Find more solutions based on key concepts
1. For Frank’s Funky Sounds, straight-line depreciation on the trucks is a
Learning Objective 1
a. variable cos...
Horngren's Accounting (12th Edition)
(a) Standard costs are the expected total cost of completing a job. Is this correct? Explain, (b) A standard im...
Managerial Accounting: Tools for Business Decision Making
Calculate profit margin on sales ratio. (LO 5). Suppose a firm had sales of $200,000 and net income of $7,000 f...
Financial Accounting
Discussion Analysis A13-41 Discussion Questions 1. How do managers use the statement of cash flows? 2. Describ...
Managerial Accounting (5th Edition)
This year, Prewer Inc. received a 160,000 dividend on its investment consisting of 16 percent of the outstandin...
Principles Of Taxation For Business And Investment Planning 2020 Edition
Adjusting Journal Entries; Adjusted Trial Balance. Magic Cleaning Services (MCS) has a fiscal year-end of Decem...
Intermediate Accounting (2nd Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- What is the accounts receivable ledger? a. A record of credit customers and their balances b. A record of vendors and their balances c. Part of the sales journal d. Part of the general journal e. Part of the general ledgerarrow_forwardWhat specific accounts are recognized when a business purchases equipment on credit?arrow_forwardWhat is the GL entry when a company receives a payment from a customer? Debit revenue, credit customer Debit customer, credit revenue Debit bank, credit customer, credit accounts reconciliation account Debit accounts reconciliation account, credit bank Debit accounts reconciliation account, debit customer, credit bankarrow_forward
- Explain the concept of double-entry bookkeeping and how it helps ensure the accuracy of financial statements. What are the different types of accounts that businesses use in double-entry bookkeeping, and how are they classified?arrow_forwardDrawing from your basic accounting knowledge, list the relevant data attributes that constitute the record types below. Identify which attribute is the primary key for the record. Accounts Payable record Inventory record Customer Sales Orders record Purchase Orders to vendors Cash Receipts (checks) from customers Employee Payroll Earnings recordsarrow_forwardIf a credit is issued to a customer, how will this affect the General Ledger Account?arrow_forward
- Accounts receivable is the amount payable by the customer to the company for the goods delivered and services provided. Accounts receivable is a current asset and it is any amount owed to the company by the customers for goods purchased on credit. Bills receivable and accounts receivable are almost similar in nature and they are used interchangeably but in fact refers to the amounts payable to a business entity under the transaction of bills of exchange in a business transaction. Mr. Mohammed Al Mammari is accounting manager of Dhofar Beverage Company, having different branches around Sultanate of Oman. Mr. Mohammed Al Mammari wishes to explain about accounts receivable accounting to his accounting executives and expects you to understand the following relating to accounts receivable and prepare necessary journal entries and accounting treatment for the year ended 31st December 2021. • The company sells goods on RO 150,000 for cash and RO 300,000 on credit basis to various…arrow_forwardAccounting for Receivables is very important for any Business. Explain the methods used to initiate and control the collection of Receivablesarrow_forwardWhy would a business maintain a separate account receivable account (within an accounts receivable subsidiary ledger) for each customer, as opposed to maintaining a single Accounts Receivable account (in the general ledger) for all customers?arrow_forward
- Bookkeeping in SMEs differ from industry. How does the bookkeeping in the manufacturing industry for SMEs look like? Also concerning sales invoices and credit sales? Please answer this question complete.arrow_forwardHow did you get Accounts Receivable and Sales?arrow_forwardWhat accounts are affected when goods are sold on credit? (Check all that apply) Accounts Receivable Cash Revenue Owner's Withdrawalsarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
ACCOUNTING BASICS: Debits and Credits Explained; Author: Accounting Stuff;https://www.youtube.com/watch?v=VhwZ9t2b3Zk;License: Standard Youtube License