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Are Land and buildings are generally recorded in the same ledger account?
Wiki User
∙ 11y ago
False - ACCT 3307 - Financial Accounting - Ron Castleman (Wayland Baptist University
Wiki User
∙ 11y ago
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Definition of purchases account?
Ledger account in which all inventory purchases are recorded; used generally with periodic inventory method
Why are cash sales not recorded in the sales ledger control account?
a ledger account if made for credit sales.
Why a cashbook is called Journalised ledger?
Cash book is a journal because the transactions are recorded in it for the first time from the source of document and from journal these transactions are posted to the respective account in the ledger. We can say cash book is a ledger also in the sense that it serves the purpose of cash account also.As such cash book is journal as well as ledger, and hence it may call journalised ledger.
What is a subsidiary account for accounts payable?
the accounts payable account is on the general ledger and is generally comprised of many smaller vendor accounts which are listed and tracked separately in the "accounts payable subsidiary ledger". So each vendor would be a subsidiary account of the accounts payable ledger.
What is the cash account in a company's ledger?
The cash account in the company's ledger is Bank.
Definition of purchases account?
Ledger account in which all inventory purchases are recorded; used generally with periodic inventory method
Why are cash sales not recorded in the sales ledger control account?
a ledger account if made for credit sales.
Why a cashbook is called Journalised ledger?
Cash book is a journal because the transactions are recorded in it for the first time from the source of document and from journal these transactions are posted to the respective account in the ledger. We can say cash book is a ledger also in the sense that it serves the purpose of cash account also.As such cash book is journal as well as ledger, and hence it may call journalised ledger.
What is a subsidiary account for accounts payable?
the accounts payable account is on the general ledger and is generally comprised of many smaller vendor accounts which are listed and tracked separately in the "accounts payable subsidiary ledger". So each vendor would be a subsidiary account of the accounts payable ledger.
What is the suspense capital?
A suspense account is an account in the general ledger in which amounts are temporarily recorded. The suspense account is used because the proper account could not be determined at the time that the transaction was recorded. When the proper account is determined, the amount will be moved from the suspense account to the proper account.
How is subsidiary ledger different to the general ledger?
A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a specific general ledger account. The general ledger account that summarizes a subsidiary ledger's account balances is called a control account or master account. For example, an accounts receivable subsidiary ledger (customers' subsidiary ledger) includes a separate account for each customer who makes credit purchases. The combined balance of every account in this subsidiary ledger equals the balance of accounts receivable in the general ledger. Posting a debit or credit to a subsidiary ledger account and also to a general ledger control account does not violate the rule that total debit and credit entries must balance because subsidiary ledger accounts are not part of the general ledger; they are supplemental accounts that provide the detail to support the balance in a control account.
What is the cash account in a company's ledger?
The cash account in the company's ledger is Bank.
Different account titles?
There are many different account titles in a general ledger. There are a petty cash, sick leave accrual, petty cash, equipment, buildings, land, and investments.
There are two types of control account what are they?
sales ledger control account and purnchase ledger control account
How do you use ledger in a sentence?
The merchant recorded my transaction in the ledger.
What is suspence account?
A suspense account is an account in the general ledger in which amounts are temporarily recorded. The suspense account is used because the proper account could not be determined at the time that the transaction was recorded. When the proper account is determined, the amount will be moved from the suspense account to the proper account.
What are the parts of a ledger sheet?
The ledger is the account sheet.
