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Why are cash sales not recorded in the sales ledger control account?
a ledger account if made for credit sales.
What general ledger accounts are affected and how by a sales returns and allowances transactions?
it affects the sales tax payable and the accounts receivable.
What do you call the subsidiary ledger where individual accounts with customers are included?
asset ledger accounts receivable ledger
What is control account control account?
A control account is a summary of the individual accounts in the subsidiary ledger(purchases or sales ledger) :)
Is the amount of sales tax collected on sales is recorded in the Sales Tax Revenue account?
combind revenue accounts
Why are cash sales not recorded in the sales ledger control account?
a ledger account if made for credit sales.
What general ledger accounts are affected and how by a sales returns and allowances transactions?
it affects the sales tax payable and the accounts receivable.
What do you call the subsidiary ledger where individual accounts with customers are included?
asset ledger accounts receivable ledger
What is the general ledger journal entry issue an invoice on sale of account?
Debit accounts receivableCredit sales revenue
What is control account control account?
A control account is a summary of the individual accounts in the subsidiary ledger(purchases or sales ledger) :)
Is the amount of sales tax collected on sales is recorded in the Sales Tax Revenue account?
combind revenue accounts
What are the two general ledger accounts that may act as control accounts for a subsidiary ledger?
accounts receivable and accounts payable
What are 5 types of subsidiary ledgers?
accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary ledger
When The AP ledger requires a subsidiary ledger?
A control account is an account found in the general ledger such as accounts receivable,Accounts Payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are.When using a General Ledger, accounts such as Accounts Payable or Accounts Receivable are much easier to work with in the General Ledger if they have a "single" sum of all accounts, in other words.
Are revenue and expense accounts real accounts?
No real accounts are for business possessions like assets and stock revenue and expense items are recorded in the nominal also named the general ledger. Personal accounts are for debtors and creditors accounts.
What type of ledger is an accounts payable ledger?
Liability
Does an accounts payable ledger contain all of the balance sheet and income statements accounts?
No, the accounts payable ledger only contains information related to supplier accounts. The balance sheet and income statement accounts are contained in the general ledger.
