Subsidiary Ledgers Subsidiary ledgers refer to group of individual accounts with common characteristics and serves as an extension of the general ledger. Subsidiary ledgers relieve the general ledger, from the overburden of incorporating details of individual accounts. Example of subsidiary ledgers are the individual customers accounts comprising of the accounts receivable account of a business and accounts payable account. Subsidiary ledgers are usually maintained in alphabetical order. To Describe: The advantages of using subsidiary ledgers.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter J, Problem 1Q

To determine

Subsidiary Ledgers

Subsidiary ledgers refer to group of individual accounts with common characteristics and serves as an extension of the general ledger. Subsidiary ledgers relieve the general ledger, from the overburden of incorporating details of individual accounts. Example of subsidiary ledgers are the individual customers accounts comprising of the accounts receivable account of a business and accounts payable account. Subsidiary ledgers are usually maintained in alphabetical order.

To Describe: The advantages of using subsidiary ledgers.

Expert Solution & Answer

Explanation of Solution

Following are the advantages of the subsidiary ledgers:

In the subsidiary ledgers all the transactions relating to a single account (one customer or creditor), it’s up to date information and balance could be easily traced.
The subsidiary ledgers relieve the general ledger of incorporating huge numbers of individual account balances.
The errors relating to the individual account could be easily detected in a separate subsidiary ledgers rather than detecting it in the control general ledger accounts.
Maintaining subsidiary ledgers and control account make it possible to use the division of labor and do the job faster.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Can you solve this general accounting problem using appropriate accounting principles?

Which of the following amounts represents the variable overhead spending variance?

Need Help. General accounting

Answer 2

Question

Chapter J, Problem 1Q

To determine

Subsidiary Ledgers

Subsidiary ledgers refer to group of individual accounts with common characteristics and serves as an extension of the general ledger. Subsidiary ledgers relieve the general ledger, from the overburden of incorporating details of individual accounts. Example of subsidiary ledgers are the individual customers accounts comprising of the accounts receivable account of a business and accounts payable account. Subsidiary ledgers are usually maintained in alphabetical order.

To Describe: The advantages of using subsidiary ledgers.

Expert Solution & Answer

Explanation of Solution

Following are the advantages of the subsidiary ledgers:

In the subsidiary ledgers all the transactions relating to a single account (one customer or creditor), it’s up to date information and balance could be easily traced.
The subsidiary ledgers relieve the general ledger of incorporating huge numbers of individual account balances.
The errors relating to the individual account could be easily detected in a separate subsidiary ledgers rather than detecting it in the control general ledger accounts.
Maintaining subsidiary ledgers and control account make it possible to use the division of labor and do the job faster.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter J, Problem 1Q

To determine

Subsidiary Ledgers

Subsidiary ledgers refer to group of individual accounts with common characteristics and serves as an extension of the general ledger. Subsidiary ledgers relieve the general ledger, from the overburden of incorporating details of individual accounts. Example of subsidiary ledgers are the individual customers accounts comprising of the accounts receivable account of a business and accounts payable account. Subsidiary ledgers are usually maintained in alphabetical order.

To Describe: The advantages of using subsidiary ledgers.

Expert Solution & Answer

Explanation of Solution

Following are the advantages of the subsidiary ledgers:

In the subsidiary ledgers all the transactions relating to a single account (one customer or creditor), it’s up to date information and balance could be easily traced.
The subsidiary ledgers relieve the general ledger of incorporating huge numbers of individual account balances.
The errors relating to the individual account could be easily detected in a separate subsidiary ledgers rather than detecting it in the control general ledger accounts.
Maintaining subsidiary ledgers and control account make it possible to use the division of labor and do the job faster.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter J, Problem 1Q

To determine

Subsidiary Ledgers

Subsidiary ledgers refer to group of individual accounts with common characteristics and serves as an extension of the general ledger. Subsidiary ledgers relieve the general ledger, from the overburden of incorporating details of individual accounts. Example of subsidiary ledgers are the individual customers accounts comprising of the accounts receivable account of a business and accounts payable account. Subsidiary ledgers are usually maintained in alphabetical order.

To Describe: The advantages of using subsidiary ledgers.

Expert Solution & Answer

Explanation of Solution

Following are the advantages of the subsidiary ledgers:

In the subsidiary ledgers all the transactions relating to a single account (one customer or creditor), it’s up to date information and balance could be easily traced.
The subsidiary ledgers relieve the general ledger of incorporating huge numbers of individual account balances.
The errors relating to the individual account could be easily detected in a separate subsidiary ledgers rather than detecting it in the control general ledger accounts.
Maintaining subsidiary ledgers and control account make it possible to use the division of labor and do the job faster.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter J, Problem 1Q

To determine

Subsidiary Ledgers

Subsidiary ledgers refer to group of individual accounts with common characteristics and serves as an extension of the general ledger. Subsidiary ledgers relieve the general ledger, from the overburden of incorporating details of individual accounts. Example of subsidiary ledgers are the individual customers accounts comprising of the accounts receivable account of a business and accounts payable account. Subsidiary ledgers are usually maintained in alphabetical order.

To Describe: The advantages of using subsidiary ledgers.

Expert Solution & Answer

Explanation of Solution

Following are the advantages of the subsidiary ledgers:

In the subsidiary ledgers all the transactions relating to a single account (one customer or creditor), it’s up to date information and balance could be easily traced.
The subsidiary ledgers relieve the general ledger of incorporating huge numbers of individual account balances.
The errors relating to the individual account could be easily detected in a separate subsidiary ledgers rather than detecting it in the control general ledger accounts.
Maintaining subsidiary ledgers and control account make it possible to use the division of labor and do the job faster.

Answer 6

Chapter J, Problem 1Q

To determine

Subsidiary Ledgers

Subsidiary ledgers refer to group of individual accounts with common characteristics and serves as an extension of the general ledger. Subsidiary ledgers relieve the general ledger, from the overburden of incorporating details of individual accounts. Example of subsidiary ledgers are the individual customers accounts comprising of the accounts receivable account of a business and accounts payable account. Subsidiary ledgers are usually maintained in alphabetical order.

To Describe: The advantages of using subsidiary ledgers.

Expert Solution & Answer

Explanation of Solution

Following are the advantages of the subsidiary ledgers:

In the subsidiary ledgers all the transactions relating to a single account (one customer or creditor), it’s up to date information and balance could be easily traced.
The subsidiary ledgers relieve the general ledger of incorporating huge numbers of individual account balances.
The errors relating to the individual account could be easily detected in a separate subsidiary ledgers rather than detecting it in the control general ledger accounts.
Maintaining subsidiary ledgers and control account make it possible to use the division of labor and do the job faster.

Answer 7

Chapter J, Problem 1Q

To determine

Subsidiary Ledgers

Subsidiary ledgers refer to group of individual accounts with common characteristics and serves as an extension of the general ledger. Subsidiary ledgers relieve the general ledger, from the overburden of incorporating details of individual accounts. Example of subsidiary ledgers are the individual customers accounts comprising of the accounts receivable account of a business and accounts payable account. Subsidiary ledgers are usually maintained in alphabetical order.

To Describe: The advantages of using subsidiary ledgers.

Answer 8

Expert Solution & Answer

Explanation of Solution

Following are the advantages of the subsidiary ledgers:

In the subsidiary ledgers all the transactions relating to a single account (one customer or creditor), it’s up to date information and balance could be easily traced.
The subsidiary ledgers relieve the general ledger of incorporating huge numbers of individual account balances.
The errors relating to the individual account could be easily detected in a separate subsidiary ledgers rather than detecting it in the control general ledger accounts.
Maintaining subsidiary ledgers and control account make it possible to use the division of labor and do the job faster.