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 C.

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Answer 1

Question

Chapter J, Problem 5E

(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 C.

(b)

To determine

To Prepare: The ending balance of account payable 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.

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I am looking for the correct answer to this general accounting question with appropriate explanations.

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Answer 2

Question

Chapter J, Problem 5E

(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 C.

(b)

To determine

To Prepare: The ending balance of account payable 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.

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Answer 3

Question

Chapter J, Problem 5E

(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 C.

(b)

To determine

To Prepare: The ending balance of account payable 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.

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Answer 4

Question

Chapter J, Problem 5E

(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 C.

(b)

To determine

To Prepare: The ending balance of account payable 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.

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Answer 5

Chapter J, Problem 5E

(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 C.

(b)

To determine

To Prepare: The ending balance of account payable 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.

Answer 6

Chapter J, Problem 5E

(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 C.

Answer 7

Chapter J, Problem 5E

(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 C.

Answer 8

(b)

To determine

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

Answer 9

(b)

To determine

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

Answer 10

(c)

To determine

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

Answer 11

(c)

To determine

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

Answer 12

(d)

To determine

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

Answer 13

(d)

To determine

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

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 Prepare: The ending balance of account payable control account.

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

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

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Chapter J Solutions