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. The most common subsidiary ledgers are: 1. Accounts Receivable subsidiary ledger. 2. Accounts Payable subsidiary ledger. To record: the transactions in the general journal.

Question

Want to see the full answer?

Answer 1

Question

Chapter J, Problem 9E

(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. The most common subsidiary ledgers are:

1. Accounts Receivable subsidiary ledger.

2. Accounts Payable subsidiary ledger.

To record: the transactions in the general journal.

(b)

To determine

To prepare: a memo explaining the postings to control and subsidiary accounts from each type journals.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Need answer general accounting question

I need help with this general accounting problem using proper accounting guidelines.

Please explain the solution to this general accounting problem using the correct accounting principles.

Answer 2

Question

Chapter J, Problem 9E

(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. The most common subsidiary ledgers are:

1. Accounts Receivable subsidiary ledger.

2. Accounts Payable subsidiary ledger.

To record: the transactions in the general journal.

(b)

To determine

To prepare: a memo explaining the postings to control and subsidiary accounts from each type journals.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter J, Problem 9E

(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. The most common subsidiary ledgers are:

1. Accounts Receivable subsidiary ledger.

2. Accounts Payable subsidiary ledger.

To record: the transactions in the general journal.

(b)

To determine

To prepare: a memo explaining the postings to control and subsidiary accounts from each type journals.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter J, Problem 9E

(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. The most common subsidiary ledgers are:

1. Accounts Receivable subsidiary ledger.

2. Accounts Payable subsidiary ledger.

To record: the transactions in the general journal.

(b)

To determine

To prepare: a memo explaining the postings to control and subsidiary accounts from each type journals.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter J, Problem 9E

(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. The most common subsidiary ledgers are:

1. Accounts Receivable subsidiary ledger.

2. Accounts Payable subsidiary ledger.

To record: the transactions in the general journal.

(b)

To determine

To prepare: a memo explaining the postings to control and subsidiary accounts from each type journals.

Answer 6

Chapter J, Problem 9E

(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. The most common subsidiary ledgers are:

1. Accounts Receivable subsidiary ledger.

2. Accounts Payable subsidiary ledger.

To record: the transactions in the general journal.

Answer 7

Chapter J, Problem 9E

(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. The most common subsidiary ledgers are:

1. Accounts Receivable subsidiary ledger.

2. Accounts Payable subsidiary ledger.

To record: the transactions in the general journal.

Answer 8

(b)

To determine

To prepare: a memo explaining the postings to control and subsidiary accounts from each type journals.

Answer 9

(b)

To determine

To prepare: a memo explaining the postings to control and subsidiary accounts from each type journals.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 13

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

To prepare: a memo explaining the postings to control and subsidiary accounts from each type journals.

Want to see the full answer?

Chapter J Solutions