Financial Accounting
10th Edition
ISBN: 9781119298229
Author: Weygandt, Jerry J.; Kieso, Donald E.; Kimmel, Paul D.
Publisher: WILEY
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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.
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Chapter J Solutions
Financial Accounting
Ch. J - Prob. 1QCh. J - Prob. 2QCh. J - Prob. 3QCh. J - Prob. 4QCh. J - Prob. 5QCh. J - Prob. 6QCh. J - Prob. 7QCh. J - Prob. 8QCh. J - Prob. 9QCh. J - Prob. 10Q
Ch. J - Prob. 11QCh. J - Prob. 12QCh. J - Prob. 13QCh. J - Prob. 1BECh. J - Prob. 2BECh. J - Prob. 3BECh. J - BEJ-4 Indicate whether each of the following...Ch. J - BEJ-5 Kiner Co. uses special journals and a...Ch. J - Prob. 6BECh. J - Prob. 7BECh. J - Prob. 1ECh. J - Prob. 2ECh. J - Prob. 3ECh. J - Prob. 4ECh. J - Prob. 5ECh. J - Prob. 6ECh. J - Prob. 7ECh. J - Prob. 8ECh. J - Prob. 9ECh. J - Prob. 10ECh. J - EJ-11 The general ledger of Raysom Company...Ch. J - Prob. 12ECh. J - Prob. 13ECh. J - EJ-14 Selected account balances for Ramano Company...Ch. J - Prob. 1PCh. J - Prob. 2PCh. J - Prob. 3PCh. J - Prob. 4PCh. J - Prob. 5PCh. J - Prob. 6P
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