Financial Accounting, 10e WileyPLUS Registration Card + Loose-leaf Print Companion
Financial Accounting, 10e WileyPLUS Registration Card + Loose-leaf Print Companion
10th Edition
ISBN: 9781119346661
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: Wiley (WileyPLUS Products)
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Chapter J, Problem 4E

(a)

To determine

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.

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.

To Prepare: The opening balance of Subsidiary account for Company M.

(b)

To determine

To Prepare: The ending balance of account receivable control account.

(c)

To determine

To Compute: The balances in the subsidiary accounts at the end of the month,

(d)

To determine

To Identify: The January transaction that would not be recorded in the special journal of Company BP.

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The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License