Question: The control account for a subsidiary ledger Is optional, although it is frequently used. Must have a balance equal to that of the subsidiary ledger.

The control account for a subsidiary ledger
Is optional, although it is frequently used.
Must have a balance equal to that of the subsidiary ledger.
Provides a check on the accuracy of the debits and credits in the subsidiary ledger.
Requires a company to keep up-to-date records of credit customers and suppliers

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

9 . Reversing entries are made for adjusting entries that _____ at the end of the accounting period for transactions that _____ during the next accounting period. Create a new balance sheet account;...

Q:

I'm needing help with this Perdisco bank reconciliation. All the information to complete this is in the attachments, I just don't know what I'm doing. Now that you have completed the end of month...

Q:

Bank reconciliation Now that you have completed the end of month posting procedure, you are required to prepare a bank reconciliaton as at June 30, 2020. Your progress The purpose of the bank...

Q:

Looking for a solution to the following: 3 4 Week 1 Date Transaction description 1 Obtained a loan of $52,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due...

Q:

Help with Perdisco question set week 1. I'm completely lost on what to do... An explanation would be great! this is just the practice set, NOT the graded version # Transactions - week 1 Now that you...

Q:

Looking for a solution to the following: 3 4 Week 1 Date Transaction description 1 Obtained a loan of $52,000 from ZNZ Bank at a simple interest rate of 6% per year. The first interest payment is due...

Q:

This is the end of month posting from all the journals and postings. Print Close Journals and ledgers instructions Displaying selected accounting records: To save space, not all accounting records...

Q:

This is the end of month posting from all the journals and postings. Print Close Journals and ledgers instructions Displaying selected accounting records: To save space, not all accounting records...

Q:

2 Week 1 Date Transaction description 1 Purchased 4 bags of Chocolate Coated Coffee Beans with cash for $550 each, Check No. 903 1 Obtained a loan of $43,000 from ZNZ Bank at a simple interest rate...

Q:

Now that you have reviewed information about Mercedes Blends, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to...

Q:

Required Information [The following information applies to the questions displayed below.] Tennessee Company manufactures a specialized fitting for Industrial machinery at the Stephens Street...

Q:

In Problem S7-17, Home-Base has two parcels of land in Fayetteville and Statesville, North Carolina. Use the load distance technique (and a map of North Carolina) to determine which would be better.

Q:

5. (LO1) If you were an athlete negotiating a contract, would you want a big signing bonus payable immediately and smaller payments in the future, or vice versa? How about from the team's perspective?

Q:

You invested $4,500 in a mutual fund exactly 39 months ago when the NAV of the fund was $31.80. You have not acquired or sold any shares since that time. However, the fund paid a special distribution...