When is each of the following ledgers used? Elaborate your answers  1. General Ledger 2. Payables ledger 3. Receivables ledger

Q: Discuss what each ledger is used for and when it is used: 1. General Ledger 2. Payables ledger 3.…

A: The ledgers are prepared as posting the transactions from the journal book.

Q: (using the above information) how do you fill out the general ledger?

A: All of the Accounts that have been established based on transactions recorded in various journals…

Q: A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is…

A: Subsidiary ledger refers to the ledger that provides the detailed information of the account already…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger…

A: General ledger: General ledger is a record of all accounts of assets, liabilities, and stockholders’…

Q: A journal O debit to Accounts Payable. O credit to Accounts Payable. O debit to Accounts Receivable.…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: a. Show the journal entry to record the uncollectible accounts. b. How much will the balance sheet…

A: a) Journal Entry

Q: Question 4 Explain the measurement of accounts receivable. (Write a complete answer)

A: Financial Accounting: Financial accounting is the efficient strategy of recording, ordering, summing…

Q: which one of the following accounts normally has a credit balance? A. Drawings  B. Capital C.…

A: Account: It can be defined as a record in the general ledger that is used by the business to sort…

Q: What does a ledger show? What’s the difference between a ledger and the chart of accounts?

A:

Q: Describe accounts receivable and how they occur and are recorded.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Which should be recorded in accounts receivable? a. receivables from officers b. receivables from…

A: Accounts Receivable refers to the amount owed by the customers to a business for purchase of goods…

Q: What is the impact on the accounting equation when an accounts receivable is collected

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…

Q: Using the following transactions what is the total debits and credits?

A: Journal entries refer to recording and classyfing business transactions into books of accounts…

Q: what is Debit balance and Credit balance in ledger?

A: Introduction: A ledger account is a record of commercial transactions. It is a discrete record…

Q: What are the account receivables?

A: Current assets: The assets which could be converted into cash within one year like accounts…

Q: The Purchases account in a general ledger: O a. is an asset account. O b. appears on the income…

A: Account: It can be defined as a record in the general ledger that is used by the business to sort…

Q: Illustratrate about the real and nominal accounts along with examples.

A: Real account:Real account involves the amount of asset, liability, or stockholder’s equity at a…

Q: Briefly state the rules of debiting and crediting accounts classified on the basis of accounting…

A: Accounting equation: Accounting equation represents the mathematical relationship between assets,…

Q: Give its general ledger and financial statements

A: General Ledger

Q: When does Accounts receivable are created?

A: Current assets: The assets which could be converted into cash within one year like accounts…

Q: Define debits and credits and explain double-entry accounting.

A:

Q: Th e collection of all business transactions sorted by account in an accounting system is referred…

A: A general ledger alludes to the record-keeping framework of debit and credit accounts checked by a…

Q: = For each transaction, state the accounts to be debited and accounts to be credited with their…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The Sum of all the accounts in the accounts receivable subsidiary ledger should?

A: Accounts Receivable means amount due from customers on account of credit sales.  General ledger…

Q: Explain where the various types of accounts are reported on financial statements.

A: All revenues and expenses accounts are reported on the income statement. Revenues minus expenses are…

Q: The income statement is drawn up from the figures in the _________________ Select one: a. Accounts…

A: An income statement may be defined as that type financial statement which is prepared to ascertain…

Q: Reflect upon accounting  as debits and credits information system

A: Accounting is a method of recording business transactions so as to ascertain the financial positions…

Q: What is a Ledger?" An account An accounting journal A group or file of accounts AT-account

A: T- Account - T-Account is the representation of ledgers in the tabular form. It includes debit and…

Q: Which one of the following accounts is the most liquid? Select one: a. Building. b. Inventory. c.…

A: Liquid accounts signify the short term assets or current assets.

Q: 1. Calculate the Accounts Receivable Collection Period & Accounts Payable Payment Period based on…

A: Accounts receivable collection period = 365 x Average Accounts receivable…

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts:…

A: Account: It can be defined as a record that is maintained in the accounting system to track the…

Q: between a balance on a receivable ledger contro account and the total list of accounts receivable…

A: Accounts Receivables: as each customer's a/c balance cannot be shown in financials, the Accounts…

Q: What's the difference between a chart of accounts and general ledger?

A: Charts of Accounts: Charts of accounts are the list of all the accounts which the company has. It is…

Q: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Explain how accounts receivable are presented in the financial statements.

A: Introduction: Current Assets: Assets which are easily convertible in to cash with in a short period…

Q: What is the basic information to recognize an account receivable?

A: Account receivable is a customer who has purchased the goods or has availed the services of a…

Q: Which of the following account is debited when account payable is converted into note payable?…

A: Liabilities have a credit balance, So when liabilities converted then they should be debited.

Q: Give its general ledgers and financial statements

A: Cash A/c 1-Dec To, Cuneta Capital 20500…