Subsidiary ledger: Subsidiary ledger is a group of accounts which are similar in nature where individual balances are recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger. To Explain: Posting in subsidiary accounts and general ledger control accounts.

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Answer 1

Question

Chapter 7, Problem 6Q

(a)

(1)

To determine

Subsidiary ledger: Subsidiary ledger is a group of accounts which are similar in nature where individual balances are recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.

2.

To determine

Control accounts: The account which represents a summary of the subsidiary ledger account is called as the control account. It relates the general ledger and the subsidiary ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.

(b)

To determine

To Explain: The relationship between control account and subsidiary ledger.

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Based on the results of the Accounts Receivable Aging as of December 31, 2022 visualization, what conclusion can be made regarding the outstanding accounts receivables? a. The count of unpaid invoices was the highest for invoices within the 90+ days aging group and the lowest for invoices in the 31-60 days aging group. b. The count of unpaid invoices was the highest for invoices within the 31-60 days aging group and the lowest for invoices in the 90+ days aging group. c. The outstanding accounts receivable value for the 90+ days aging group is approximately the value of the other aging groups combined. d. The outstanding accounts receivable value for the 90+ days aging group is approximately twice the value of the other aging groups combined.

Answer 2

Question

Chapter 7, Problem 6Q

(a)

(1)

To determine

Subsidiary ledger: Subsidiary ledger is a group of accounts which are similar in nature where individual balances are recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.

2.

To determine

Control accounts: The account which represents a summary of the subsidiary ledger account is called as the control account. It relates the general ledger and the subsidiary ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.

(b)

To determine

To Explain: The relationship between control account and subsidiary ledger.

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Answer 3

Question

Chapter 7, Problem 6Q

(a)

(1)

To determine

Subsidiary ledger: Subsidiary ledger is a group of accounts which are similar in nature where individual balances are recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.

2.

To determine

Control accounts: The account which represents a summary of the subsidiary ledger account is called as the control account. It relates the general ledger and the subsidiary ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.

(b)

To determine

To Explain: The relationship between control account and subsidiary ledger.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 6Q

(a)

(1)

To determine

Subsidiary ledger: Subsidiary ledger is a group of accounts which are similar in nature where individual balances are recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.

2.

To determine

Control accounts: The account which represents a summary of the subsidiary ledger account is called as the control account. It relates the general ledger and the subsidiary ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.

(b)

To determine

To Explain: The relationship between control account and subsidiary ledger.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 6Q

(a)

(1)

To determine

Subsidiary ledger: Subsidiary ledger is a group of accounts which are similar in nature where individual balances are recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.

2.

To determine

Control accounts: The account which represents a summary of the subsidiary ledger account is called as the control account. It relates the general ledger and the subsidiary ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.

(b)

To determine

To Explain: The relationship between control account and subsidiary ledger.

Answer 6

Chapter 7, Problem 6Q

(a)

(1)

To determine

Subsidiary ledger: Subsidiary ledger is a group of accounts which are similar in nature where individual balances are recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.

Answer 7

Chapter 7, Problem 6Q

(a)

(1)

To determine

Subsidiary ledger: Subsidiary ledger is a group of accounts which are similar in nature where individual balances are recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.

Answer 8

2.

To determine

Control accounts: The account which represents a summary of the subsidiary ledger account is called as the control account. It relates the general ledger and the subsidiary ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.

Answer 9

2.

To determine

Control accounts: The account which represents a summary of the subsidiary ledger account is called as the control account. It relates the general ledger and the subsidiary ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.

Answer 10

(b)

To determine

To Explain: The relationship between control account and subsidiary ledger.

Answer 11

(b)

To determine

To Explain: The relationship between control account and subsidiary ledger.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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Control accounts: The account which represents a summary of the subsidiary ledger account is called as the control account. It relates the general ledger and the subsidiary ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.

To Explain: The relationship between control account and subsidiary ledger.

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Chapter 7 Solutions

Concept explainers

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Control accounts: The account which represents a summary of the subsidiary ledger account is called as the control account. It relates the general ledger and the subsidiary ledger. To Explain: Posting in subsidiary accounts and general ledger control accounts.

To Explain: The relationship between control account and subsidiary ledger.

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Chapter 7 Solutions

Control accounts: The account which represents a summary of the subsidiary ledger account is called as the control account. It relates the general ledger and the subsidiary ledger.

To Explain: Posting in subsidiary accounts and general ledger control accounts.