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What is the general ledger journal entry to reverse the write off of accounts receivable?
Accounts Receivable - DR Bad Debts written off - CR
What is the general ledger journal entry to write off accounts receivale checks?
Debit bad debtsCredit accounts receivable
When a business uses a subsidiary accounts receivable ledger there is no need to keep an accounts receivable account in the general ledger true or false?
False. Even when a business uses a subsidiary accounts receivable ledger, it still needs to maintain an accounts receivable account in the general ledger. The subsidiary ledger details individual customer transactions, while the general ledger provides a summary of total accounts receivable for financial reporting and reconciliation purposes. Both are necessary for accurate financial management.
What are the two general ledger accounts that may act as control accounts for a subsidiary ledger?
accounts receivable and accounts payable
All sales on account are recorded in the?
All sales on account are recorded in the accounts receivable ledger. This ledger tracks amounts owed by customers for goods or services sold on credit, reflecting the company's outstanding receivables. Additionally, these sales are recorded in the general journal and subsequently posted to the general ledger, impacting both sales revenue and accounts receivable accounts.
What is the general ledger journal entry to reverse the write off of accounts receivable?
Accounts Receivable - DR Bad Debts written off - CR
What is the general ledger journal entry to write off accounts receivale checks?
Debit bad debtsCredit accounts receivable
When a business uses a subsidiary accounts receivable ledger there is no need to keep an accounts receivable account in the general ledger true or false?
False. Even when a business uses a subsidiary accounts receivable ledger, it still needs to maintain an accounts receivable account in the general ledger. The subsidiary ledger details individual customer transactions, while the general ledger provides a summary of total accounts receivable for financial reporting and reconciliation purposes. Both are necessary for accurate financial management.
What are the two general ledger accounts that may act as control accounts for a subsidiary ledger?
accounts receivable and accounts payable
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.
All sales on account are recorded in the?
All sales on account are recorded in the accounts receivable ledger. This ledger tracks amounts owed by customers for goods or services sold on credit, reflecting the company's outstanding receivables. Additionally, these sales are recorded in the general journal and subsequently posted to the general ledger, impacting both sales revenue and accounts receivable accounts.
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.
What record that contains all accounts of company?
general ledger, general journal, special ledger, special journal, column balance ledger.
Four main ledgers for bookkeeping in business?
The General Ledger The Account receivable Ledger The Accounts payable Ledger
What is the general ledger journal entry to write off notes receivable?
debit bad debtscredit notes receivable
The controlling account in the general ledger that summarizes the debits and credits to the individual customers accounts in the subsidiary ledger is entitled?
Accounts Receivable.
Should accounts receivable be credited in the journal when it is decreased?
Yes because A/R is an asset and assets are credited in the journal/ledger when they decrease
