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.

Question

Want to see the full answer?

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Machinery was purchased for $78,500 on January 1, 2018. Shipping costs were $2,200 and installation expenses totaled $4,300. It is estimated that the machinery will have a $15,000 salvage value at the end of its 8-year useful life. What is the amount of accumulated depreciation on December 31, 2020, if the straight-line method of depreciation is used?

Please provide the answer to this financial accounting question using the right approach.

What is the return on assets ?

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Concept explainers

Videos

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.

Want to see the full answer?

Chapter J Solutions