The subsidiary ledger that includes customer account activity is called the a. asset ledger b. accounts payable ledger c. expense ledger d. accounts receivable ledger

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

A: Answer: b. Accounts payable ledger.

Q: Customer payments received in advance of the product or service being provided is recorded in which…

A: The company can collect advance from the customer before sale of the goods. This method of…

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: When a company extends credit directly to a customer for a purchase, the sale is recorded as a debit…

A: Customer record: It is the record of customers of company which contains details like name, address,…

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: The general ledger or subsidiary ledger should be indicated for each account

A: This question deals with the general ledger or subsidiary ledger should be indicated for each…

Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…

A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…

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: 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: The ledger that contains the financial statement accounts of a company is the a. General journal. d.…

A: The ledger that contains the financial statement accounts of a company is the General Ledger  option…

Q: Describe the responsibilities of an accounts payables specialist.

A: Accounts payable specialists ensures vendors get paid for services and products rendered. They play…

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: Which duties should be segregated? a. matching purchase requisitions, receiving reports, and…

A: Cash Disbursement System:   The cash disbursement system carries out the responsibility of…

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: According to the Revenue Cycle Flowcharting Process, the "Pure Credit Sales" portion of the credit…

A:

Q: Function Missing words Customer billing for provided Receipt and processing of and services Managing…

A: Debtors represent the term that is used when a payment is due to be received from the customers 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: to the accounts payable control le = ledger. unts Payable to prove the balance

A: The entries are given as,

Q: The entry to record the granting of credit to a customer for a sales return is posted to…

A: Sales returns and allowances: Sometimes, customers either return goods due to manufacturing defects,…

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: The accounts receivable are sold to company known as a. Commission agent b. Accounting service…

A: Factoring is a financial transaction and a type of debtor finance in which a business sells its…

Q: What is the classification of general ledger account?

A: General ledger: General ledger is a set of ledger accounts that are recorded in the journal and…

Q: What document is the source for (a) debiting the accounts in the materials ledger and (b) crediting…

A: a.

Q: What are the feature of Receipt and Payment Account?

A: Receipt and Payment Account is a summary of cash Receipts and payments in an accounting period. Not…

Q: Define the expenses of products and periods and explain how they affect financial accounts.

A: This question explains about products and periods and financial accounts.

Q: State the meaning of Receipt and Payment Account.

A: Receipt and Payment Account: Receipt and payment Account is a summary of Cash book. Only…

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: Which of the following functions is not included in the typical expenditure cycle involving goods?…

A: Expenditure cycle refers to specific period related to acquisition of and payment of goods and…

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: 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: Describe the integration of the Inventory Ledger with the Payables, Receivables and General Ledgers.

A: Solution:- Introduction:- An integrated accounting system is application software in which all the…

Q: Identify the cycle to which each of the following general ledgeraccounts will ordinarily be…

A: General ledger:   A general ledger is also referred to as a nominal ledger which is a book keeping…

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: The Vendor Ledgers report displays the

A:

Q: Distinguish between Receipts and Payments Account and Income andExpenditure Account.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

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

A:

Q: What is receipt and payment account

A: The answer is provided as follows:

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: Which of the following best describes the activities of the accounting function? a. inventory…

A:

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…

Q: Which of the following is most likely to be a general ledger control account? Select one: O a.…

A: General Ledger control account:-Controlling accounts are the accounts that only reflect the…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is