Need solution of this general accounting problem In AccountingA subsidiary ledger_i) Replaces the general ledgerii) Contains only summary entriesiii) Provides detailed records supporting a control accountiv) Is optional in all cases

Explanation of Subsidiary Ledger: A subsidiary ledger is a detailed set of accounts that support and…

Answered: In Accounting A subsidiary ledger_ i)…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 5E: Post the following entry to the general ledger and the subsidiary ledger.

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In accounting
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9. Consider Special Reports. What type involves a "different basis of accounting"? a. Agreed-upon-procedures. b. Compliance Report. c. Special Purpose Framework. d. Specified Elements, Accounts.
Which of the following statements is CORRECT relative to posting with the use of special journals? a. No subsidiary ledger posting is necessary. b. The general ledger posting has to coincide with the subsidiary ledger posting. c. The general ledger posting has to be ahead of subsidiary ledger posting. d. The subsidiary ledger posting has to be ahead of general ledger posting.
is a report generated from the general ledger and cannot be produced independently. 12. The
Which record is not usually maintained under the single entrybookkeeping system? A. cash bookB. general journalC. A/R subsidiary ledgerD. property subsidiary ledgerE. answer not given
Which special journals also require an entry to a subsidiary ledger?
6. Which of the following classify and summarize similar items? * A. Lead Schedule B. Working trial balance C. Control accounts D. Supporting schedule E. None of them
Each general ledger control account balance must equal the composite balance of the individual accounts in the related subsidiary ledger at the end of an accounting period. True False
Which of the following is incorrect regarding subsidiary ledger?a. The accounts receivable ledger is a common subsidiary ledgerb. An advantage of the subsidiary ledger is that it permits a division of labor in postingc. The purchases ledger is a common subsidiary ledger for creditor accountsd. A subsidiary ledger is a group of accounts with common characteristics

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In Accounting A subsidiary ledger_ i) Replaces the general ledger ii) Contains only summary entries iii) Provides detailed records supporting a control account iv) Is optional in all cases