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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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.

Expert Solution & Answer

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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

Ch. 7 - Prob. 1Q Ch. 7 - Prob. 2Q Ch. 7 - 3. What are common features of computerized...Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - 6. (a) When do companies normally post to (1) the...Ch. 7 - 7. Identify and explain the four special journals...Ch. 7 - 8. Kensington Company uses special journals. It...Ch. 7 - Prob. 9Q Ch. 7 - 10. Why would special journals used in different...

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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.