Subsidiary Ledger Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker. Control account: It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements. To Identify: The balance of the accounts receivable control account after the monthly posting on July 31.

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Answer 1

Question

Chapter J, Problem 1E

(a)

To determine

Subsidiary Ledger

Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker.

Control account:

It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements.

To Identify: The balance of the accounts receivable control account after the monthly posting on July 31.

(b)

To determine

To Identify: The balance of the accounts payable control account after the monthly posting on July 31.

(c)

To determine

To Identify: under what account total column (161,400) of sales journal is posted.

(d)

To determine

To Identify: under what account total accounts receivable column of $131,000 in the cash receipts journal will be posted.

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Answer 2

Question

Chapter J, Problem 1E

(a)

To determine

Subsidiary Ledger

Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker.

Control account:

It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements.

To Identify: The balance of the accounts receivable control account after the monthly posting on July 31.

(b)

To determine

To Identify: The balance of the accounts payable control account after the monthly posting on July 31.

(c)

To determine

To Identify: under what account total column (161,400) of sales journal is posted.

(d)

To determine

To Identify: under what account total accounts receivable column of $131,000 in the cash receipts journal will be posted.

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Answer 3

Question

Chapter J, Problem 1E

(a)

To determine

Subsidiary Ledger

Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker.

Control account:

It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements.

To Identify: The balance of the accounts receivable control account after the monthly posting on July 31.

(b)

To determine

To Identify: The balance of the accounts payable control account after the monthly posting on July 31.

(c)

To determine

To Identify: under what account total column (161,400) of sales journal is posted.

(d)

To determine

To Identify: under what account total accounts receivable column of $131,000 in the cash receipts journal will be posted.

Expert Solution & Answer

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Answer 4

Question

Chapter J, Problem 1E

(a)

To determine

Subsidiary Ledger

Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker.

Control account:

It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements.

To Identify: The balance of the accounts receivable control account after the monthly posting on July 31.

(b)

To determine

To Identify: The balance of the accounts payable control account after the monthly posting on July 31.

(c)

To determine

To Identify: under what account total column (161,400) of sales journal is posted.

(d)

To determine

To Identify: under what account total accounts receivable column of $131,000 in the cash receipts journal will be posted.

Expert Solution & Answer

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Answer 5

Chapter J, Problem 1E

(a)

To determine

Subsidiary Ledger

Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker.

Control account:

It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements.

To Identify: The balance of the accounts receivable control account after the monthly posting on July 31.

(b)

To determine

To Identify: The balance of the accounts payable control account after the monthly posting on July 31.

(c)

To determine

To Identify: under what account total column (161,400) of sales journal is posted.

(d)

To determine

To Identify: under what account total accounts receivable column of $131,000 in the cash receipts journal will be posted.

Answer 6

Chapter J, Problem 1E

(a)

To determine

Subsidiary Ledger

Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker.

Control account:

It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements.

To Identify: The balance of the accounts receivable control account after the monthly posting on July 31.

Answer 7

Chapter J, Problem 1E

(a)

To determine

Subsidiary Ledger

Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker.

Control account:

It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements.

To Identify: The balance of the accounts receivable control account after the monthly posting on July 31.

Answer 8

(b)

To determine

To Identify: The balance of the accounts payable control account after the monthly posting on July 31.

Answer 9

(b)

To determine

To Identify: The balance of the accounts payable control account after the monthly posting on July 31.

Answer 10

(c)

To determine

To Identify: under what account total column (161,400) of sales journal is posted.

Answer 11

(c)

To determine

To Identify: under what account total column (161,400) of sales journal is posted.

Answer 12

(d)

To determine

To Identify: under what account total accounts receivable column of $131,000 in the cash receipts journal will be posted.

Answer 13

(d)

To determine

To Identify: under what account total accounts receivable column of $131,000 in the cash receipts journal will be posted.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. J - Prob. 1Q Ch. J - Prob. 2Q Ch. J - Prob. 3Q Ch. J - Prob. 4Q Ch. J - Prob. 5Q Ch. J - Prob. 6Q Ch. J - Prob. 7Q Ch. J - Prob. 8Q Ch. J - Prob. 9Q Ch. J - Prob. 10Q

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To Identify: The balance of the accounts payable control account after the monthly posting on July 31.

To Identify: under what account total column (161,400) of sales journal is posted.

To Identify: under what account total accounts receivable column of $131,000 in the cash receipts journal will be posted.

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