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 used to check the accuracy of those entries.
accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary ledger
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.
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Accounts Receivable.
the accounts payable account is on the general ledger and is generally comprised of many smaller vendor accounts which are listed and tracked separately in the "accounts payable subsidiary ledger". So each vendor would be a subsidiary account of the accounts payable ledger.
accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary ledger
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.
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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.
Typically, it involves the theory of credit and debit, balance sheets, income statements, controlling accounting accounts, subsidiary ledgers, work sheets, depreciation methods, and basically financial accounting theory.
Accounts Receivable.
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.
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.
daily
A subsidiary ledger contains the details to support a general ledger control account. A subsidiary ledger records all the detailed data for any general ledger account that has many individual subaccounts. What are some commonly used subsidiary ledgers? accounts receivable inventory accounts payable
the accounts payable account is on the general ledger and is generally comprised of many smaller vendor accounts which are listed and tracked separately in the "accounts payable subsidiary ledger". So each vendor would be a subsidiary account of the accounts payable ledger.
These are the schedules of when everything needs to be done. You should keep track of all this in order to have accurate results.