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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 are ledgers used for?
Subsidiary ledgers contain the detail that support the general ledger accounts. For example, the general ledger account, "Accounts Receivable" might have a balance of $230. This is the total of all the subsidiary accounts receivable ledgers. So, there would be a subsidiary ledger for John Smith (balance $100), Sam Jones (balance $80) and a subsidiary ledger for George Washington (balance $50). When George pays us the $50 he owes us, we would record it in his subsidiary ledger. That brings George's balance down to $0 and the general ledger account would now be $180 (the total of the two subsidiary ledgers with balances in them). Reasons for subsidiary ledgers: You have to record George's payment as a reduction in what George owe us. If you posted his $50 payment in the general ledger, very quickly you would forget who paid it to you. Also, by looking at the entries in George's subsidiary ledger, you can see what he has charged, what he has paid, and when he has paid. The general ledger is nothing more than the total of the balances in the subsidiary ledgers. The subsidiary ledgers have all the detail.
What is another name for General Ledger?
Another name for the General Ledger is Nominal Ledger.
What is the purpose of the general ledger?
what is the purpose of the ledger?
What nicknames does Matilda Ledger go by?
Heath Ledger went by Heathy.
How can you compute the average ledger balance and average collected balance on your bank statement?
Ledger balances are those listed on the bank's books, while collected balances equal ledger balances minus float associated with the account.
How do you verify balances on the trial balance?
verify the balances of all ledger accounts
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.
When establishing general ledger account opening balances will be 0?
true
A collection of all acconts used by a business and their balances is called a?
Ledger
When establishing general ledger accounts opening balances will always be zero?
No
Is a list of all of the accounts in the ledger with balances at a point in time?
Trial Balance
Which account represents a debit balance on a ledger account?
assets have debit balances.
Balance sheet is?
A balance sheet is a ledger that records the checks and balances of all transactions.
What is the statement prepared directly from the general ledger with no changes to the account balances?
Trial Balance
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.
Debit balance in the sales ledger set off against credit balances in the purchase ledger?
Its a contra settlement. for sales ledger control a/c ...we put contra settlement in the Cr side and in purchases ledger control a/c ..we put contra settlement in the Dr side
