Homework Answers
1. c. monthly
2. d. must equal the composite balance of individual accounts in a related subsidiary ledger
3. c. Accounts receivable subsidiary ledger
4. c. individual account information is kept current
5. b. controlling accounts
6. b. a credit to the cash account
7. c. the sale of merchandise
8. a. gross profit
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1. Postings to the control accounts in the general ledger are made a. annually...
please help down on milieudod o sol bollo ama 16. The following information is available for...
please help
down on milieudod o sol bollo ama 16. The following information is available for Dennehy Company: Sales $260,000 Freight-in di yom mozgor $20,000 Ending Inventory 25,000 Purchase Returns and Allowances d 10,000 Purchases 180,000 Beginning Inventory a moi 30,000 Dennchy's cost of goods sold is A) $175,000. B) $190,000. C) $195,000 D) $230,000. 17. Which of the following accounts is not closed to Income Summary? A) Cost of Goods Sold B) Inventory C) Sales Revenue D) Sales Discounts...
Questions 1.Signify the item that represents an example of a subsidiary ledger. a) The accounts receivable...
Questions 1.Signify the item that represents an example of a subsidiary ledger. a) The accounts receivable general ledger account b) An accounts payable journal entry c) Supporting detail of individual vendor balances that comprise the total balance of accounts payable d) A list of all general ledger accounts e) A list of all controlling accounts 2.Signify the item that most accurately and completely describes a subsidiary ledger. a) A controlling account b) Supporting detail behind a general ledger account c)...
On September 1, the balance of the Accounts Receivable control account in the general ledger of...
On September 1, the balance of the Accounts Receivable control account in the general ledger of Montgomery Company was $10,520. The customers’ subsidiary ledger contained account balances as follows: Hurley $1,450, Andino $2,290, Fowler $2,080, and Sogard $4,700. At the end of September, the various journals contained the following information. Sales journal: Sales to Sogard $750, to Hurley $1,100, to Giambi $1,360, and to Fowler $1,120. Cash receipts journal: Cash received from Fowler $1,370, from Sogard $2,130, from Giambi $330,...
On September 1, the balance of the Accounts Receivable control account in the general ledger of...
On September 1, the balance of the Accounts Receivable control
account in the general ledger of Carla Vista Company was $11,030.
The customers’ subsidiary ledger contained account balances as
follows: Hurley $1,500, Andino $2,720, Fowler $1,960, and Sogard
$4,850. At the end of September, the various journals contained the
following information.
Sales journal:
Sales to Sogard $730, to Hurley $1,180, to Giambi $1,220, and
to Fowler $1,220.
Cash receipts journal:
Cash received from Fowler $1,270, from Sogard $2,370, from
Giambi...
The general ledger account representing the subsidiary ledger is known as a control account because: Select...
The general ledger account representing the subsidiary ledger is known as a control account because: Select one: a. Inclusion of both control accounts and subsidiary ledger accounts in the general ledger improves control b. the accuracy of the detailed accounts in the subsidiary ledger can be checked against the aggregate data and the balance contained in it c. both of the above are correct d. none of the above are correct
Postings from the purchases journal to the general ledger are made a. Daily b. Monthly c....
Postings from the purchases journal to the general ledger are made a. Daily b. Monthly c. Weekly d. Yearly
1) An entry to record the payment to a vendor was correctly recorded and posted to...
1) An entry to record the payment to a vendor was correctly recorded and posted to the general ledger but was not posted to the subsidiary ledger. This error will cause: A) net income to be overstated. B) the vendor account total in the subsidiary to be less than control total. C) the accounts payable control account to not agree with the subsidiary ledger. D) the accounts receivable control account to not agree with the subsidiary ledger. 2) The controlling...
question 4 Able Fastners Co. has a balance in its Accounts Receivable general ledger control account of S 10,000 on January 1, 2019. The subsidiary ledger contains three vendor nts: Jones Company, bal...
question 4
Able Fastners Co. has a balance in its Accounts Receivable general ledger control account of S 10,000 on January 1, 2019. The subsidiary ledger contains three vendor nts: Jones Company, balance of s 3,000; Keller Company, balance of $ 1,000, arson Company. The combined subsidiary ledger account balances of Jones 4 Com om,Keller Company, and Larson Company at January 1, 2019 agree to the Accounts unts receivable general ledger control account balance at such date. During January 2019,...
which of the following statements is true? a. The balance in the control account, Accounts Receivable, should be eq...
which of the following statements is true?
a. The balance in the control account, Accounts Receivable, should be equal to the sum of the balances in the subsidiary ledger for accounts receivable. b. An accounts receivable subsidiary ledger represents amounts due to vendors and suppliers. C. A subsidiary ledger takes the place of the control account for some companies. d. When a company uses a subsidiary ledger, the balance in the control account, Accounts Receivable, shows only the amount the...
3- How does the Accounts Payable controlling account in the general ledger relate to the accounts...
3- How does the Accounts Payable controlling account in the general ledger relate to the accounts payable subsidiary ledger? 4- Why should a business closely monitor its accounts payable?
please help
down on milieudod o sol bollo ama 16. The following information is available for Dennehy Company: Sales $260,000 Freight-in di yom mozgor $20,000 Ending Inventory 25,000 Purchase Returns and Allowances d 10,000 Purchases 180,000 Beginning Inventory a moi 30,000 Dennchy's cost of goods sold is A) $175,000. B) $190,000. C) $195,000 D) $230,000. 17. Which of the following accounts is not closed to Income Summary? A) Cost of Goods Sold B) Inventory C) Sales Revenue D) Sales Discounts...
On September 1, the balance of the Accounts Receivable control
account in the general ledger of Carla Vista Company was $11,030.
The customers’ subsidiary ledger contained account balances as
follows: Hurley $1,500, Andino $2,720, Fowler $1,960, and Sogard
$4,850. At the end of September, the various journals contained the
following information.
Sales journal:
Sales to Sogard $730, to Hurley $1,180, to Giambi $1,220, and
to Fowler $1,220.
Cash receipts journal:
Cash received from Fowler $1,270, from Sogard $2,370, from
Giambi...
The general ledger account representing the subsidiary ledger is known as a control account because: Select one: a. Inclusion of both control accounts and subsidiary ledger accounts in the general ledger improves control b. the accuracy of the detailed accounts in the subsidiary ledger can be checked against the aggregate data and the balance contained in it c. both of the above are correct d. none of the above are correct
question 4
Able Fastners Co. has a balance in its Accounts Receivable general ledger control account of S 10,000 on January 1, 2019. The subsidiary ledger contains three vendor nts: Jones Company, balance of s 3,000; Keller Company, balance of $ 1,000, arson Company. The combined subsidiary ledger account balances of Jones 4 Com om,Keller Company, and Larson Company at January 1, 2019 agree to the Accounts unts receivable general ledger control account balance at such date. During January 2019,...
which of the following statements is true?
a. The balance in the control account, Accounts Receivable, should be equal to the sum of the balances in the subsidiary ledger for accounts receivable. b. An accounts receivable subsidiary ledger represents amounts due to vendors and suppliers. C. A subsidiary ledger takes the place of the control account for some companies. d. When a company uses a subsidiary ledger, the balance in the control account, Accounts Receivable, shows only the amount the...
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