
Concept explainers
General ledger: General ledger is a ledger which is used to summarize all the entries of the subsidiary ledger. The general ledger is used to record the correcting, adjusting and closing entries.
Subsidiary ledger: This is a ledger in which individual balance of every account is 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.
Accounts payable subsidiary ledger: Accounts payable subsidiary ledger records the cash disbursements which were due to the suppliers because of the credit purchases made in the business. The subsidiary ledger records the individual balances of the companies.
To determine: The balance of accounts payable in subsidiary ledger and general ledger.

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Chapter 7 Solutions
Accounting Principles - Standalone book
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- Hamilton Textiles has the following data: • Beginning raw materials inventory = $90,000 Materials purchased = $55,000 Ending raw materials inventory = $75,000 Calculate the cost of raw materials used.arrow_forwardprovide correct answerarrow_forwardPlease need help with this accounting questionarrow_forward
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