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Question 1 i) What is the purpose of an accounts receivable subsidiary ledger? ii) What information would be included in a subsidiary ledger for a company's fixed asset account? Do you think it would be helpful to keep a fixed asset subsidiary ledger? Explain your answer. iii) In addition, please discuss why we need both subsidiary ledgers and the general ledger. Doesn't the use of subsidiary ledgers result in more work and recording transactions twice?

Question 1 i) What is the purpose of an accounts receivable subsidiary ledger? ii) What information would be included in a subsidiary ledger for a company's fixed asset account? Do you think it would be helpful to keep a fixed asset subsidiary ledger? Explain your answer. iii) In addition, please discuss why we need both subsidiary ledgers and the general ledger. Doesn't the use of subsidiary ledgers result in more work and recording transactions twice?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 1 i) What is the purpose of an accounts receivable subsidiary ledger? ii) What information would be included in a subsidiary ledger for a company's fixed asset account? Do you think it would be helpful to keep a fixed asset subsidiary ledger? Explain your answer. iii) In addition, please discuss why we need both subsidiary ledgers and the general ledger. Doesn't the use of subsidiary ledgers result in more work and recording transactions twice?
Transcribed Image Text:Question 1 i) What is the purpose of an accounts receivable subsidiary ledger? ii) What information would be included in a subsidiary ledger for a company's fixed asset account? Do you think it would be helpful to keep a fixed asset subsidiary ledger? Explain your answer. iii) In addition, please discuss why we need both subsidiary ledgers and the general ledger. Doesn't the use of subsidiary ledgers result in more work and recording transactions twice?
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