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Are the cash account and bank account in the general ledger the same or two separate accounts?
Melissamariopark
The cash account and bank account in the general ledger are not the same. They are usually two separate accounts that represent different transactions. If they were to be the same account there would be confusion for instance when banking or withdrawal of money is done.
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∙ 9y ago
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How are accounts General ledger numbered?
by account classification
An account in a general ledger that summarizes all accounts in a subsidiary ledger?
Income summary
What is an account in a general ledger that summarizes all accounts in a subsidiary ledger?
Income summary
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.
Four main ledgers for bookkeeping in business?
The General Ledger The Account receivable Ledger The Accounts payable Ledger
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.
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.
When does the AP 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.
How are accounts General ledger numbered?
by account classification
An account in a general ledger that summarizes all accounts in a subsidiary ledger?
Income summary
What is an account in a general ledger that summarizes all accounts in a subsidiary ledger?
Income summary
What is guest ledger?
A subsidiary ledger related to the accounts receivable general ledger account used by hotels to record the individual account activity of guests who are still at the hotel. The total of the balances in the city ledger plus the total of the balances in the guest ledger should equal the balance in the accounts receivable general ledger account.
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 position Account?
a separate account thant eh general ledger
What are the advantages of using subsidiary ledger?
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 for example you have 100 customers that owe you "X" amount of money total. The sum of all the accounts can be listed in the General Ledger, while each specific account detail, i.e customer information, amount owed, etc, can be kept separate in a Subsidiary Ledger.
Four main ledgers for bookkeeping in business?
The General Ledger The Account receivable Ledger The Accounts payable Ledger
General ledger account?
There are several different accounts that are used in the general ledger. Some of these accounts include cash, accounts receivable, inventory, notes payable, accounts payable, and customer deposits.
