A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is the a. Controlling account. b. Accounts payable ledger. c. Accounts receivable ledger. d. General ledger. e. Special journal.

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: The entire group of accounts for a company is referred to as the: a. general ledger b. worksheet…

A: The transactions in the financial accounting are primarily reported to Journal and are then posted…

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

A: Subsidiary ledger refers to the ledger that provides the detailed information of the account already…

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: All accounts in the subsidiary ledger of accounts receivable should be summed up

A: This question explains the subsidiary ledger of accounts receivable should be summed up.

Q: A subsidiary ledger is used for accounts receivable and accounts payable. Thus, transactions that…

A: Subsidiary ledger Subsidiary ledger refers to the ledger that provides the detailed information of…

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: Under non-integrated accounting system, the account made to complete double entry is: General ledger…

A: A non integrated accounting system maintains separate ledgers for recording cost and financial…

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: Prepare a trial balance for the selected general ledger accounts and prove the accuracy of…

A: Trial Balance -:A trial balance is a simple schedule of all the common ledger accounts (both income…

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: 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: Question 12 A statement listing the vendors, account balances, and total amount owed to all vendors…

A: A schedule of accounts payable is a statement that accumulates all the details of the suppliers to…

Q: Each general ledger control account balance must equal the composite balance of the individual…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: Which statement about Revenue Cycle is correct?

A: The revenue cycle begins with providing a product or service and ends when the invoice is paid in…

Q: Sales made to person on credit should be credited to which of following ledger accounts

A: Accounting is essential to operating a company since it allows businesses to track income and…

Q: Compare and contrast a manual accounting system for processing customer transactions. Include an…

A: A manual accounting system is a bookkeeping system for recording business activity transactions,…

Q: The income: Branch ledger account is maintained is the accounting records of: a. Neither the home…

A: Answer: Branch ledger will be maintained by the home office only and not by the branch itself.

Q: Th e collection of all business transactions sorted by account in an accounting system is referred…

A: A general ledger alludes to the record-keeping framework of debit and credit accounts checked by a…

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 subsidiary ledger is updated (increased and decreased) by using which of the…

A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…

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: Question 14 A subsidiary ledger that contains only vendor accounts is a/an: Accounts payable ledger.…

A: This question deals with the a subsidiary ledger that contains only vendor account. Subsidiary…

Q: Identify in what ledger (general or subsidiary or both) each of the following accounts is shown.…

A: The accounts whose detailes can be provided in subparts are shown in subsidiary ledgers whereas all…

Q: ledger

A: A   COGS A/c    Dr        To Purchase A/c     B    A general ledger is an accounting record book in…

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: Use the journals and ledgers that follow. Total the journals. Post the transactions to the…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS      Subsidiary Ledgers…

Q: Statement 1: Control is the power to govern the financial and operating policies of an entity so as…

A: Statement 1: The control is the activity that operates the policies in order to maximize profit from…

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: 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: [Based on Appendix C] Explain the difference between the general ledger and a subsidiary ledger.

A: Ledger is a book where the journal entries recorded are posted. All the transactions in a ledger are…

Q: The Vendor Ledgers report displays the

A:

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

A: Option B is correct.

Q: The following are subsystems of the Accounting Information System, EXCEPTa. Transaction Processing…

A:

Q: Which of the following is not one of the general ledger and reporting activities? A. Updating the…

A: General ledger: It is the T-accounts prepared for every journal entry and get recorded in their…

Q: Describe the responsibilities of an accounts payables specialist in a freight forwarding company.

A: Accounts payable specialist is the person who has the responsibility of financial processing of…

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: General Ledger:  It is a process of summarizing all the financial transactions of an account for a…

Q: What is a sub-ledger

A: Sub - ledger means as follows

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.