Accounts payable subsidiary ledger, Accounting Basics

Assignment Help:

Accounts payable subsidiary ledger

Accounts are designed to show balance owed to every creditor. Liability accounts generally have credit balances. Accounts are not assigned numbers however are arranged in alphabetical order to make it easy to add new accounts and remove inactive accounts.

When all posting is complete, balance of the Accounts Payable account would equal the sum of balances of the creditors' accounts. This is known as "controlling" account.

When posting, be careful that BOTH subsidiary ledger and general ledger are posted. Daily posting is done to individual ledger accounts. Totals are posted at the end of the accounting period, usually a month.

 


Related Discussions:- Accounts payable subsidiary ledger

Explain about cash discount, Q. Explain about cash discount? In a few i...

Q. Explain about cash discount? In a few industries credit terms include a cash discount of 1 percent to 3 percent to induce untimely payment of an amount due. A cash discount

Asset, exploration costs for mining companies are assts

exploration costs for mining companies are assts

Business combination, what are the legal distinction between business combi...

what are the legal distinction between business combination, merger and consolidation

Significance of accounting standards, Significance of Accounting Standards:...

Significance of Accounting Standards: Setting of Standards is an effort to standardize the reporting of accounting information across the country and also transversely the glob

Prepare the accounting journal and fasb, Scanlon Technologies, Inc. Ann...

Scanlon Technologies, Inc. Anne Scanlon founded Scanlon Technologies, Inc., in 1993. The company designed andmanufactured high-tech products that were used in various industrie

Describe the accounting procedures, Q. Describe the accounting procedures? ...

Q. Describe the accounting procedures? The demand for college professors differ greatly by discipline. In fields such like Fine Arts, English, Philosophy and Psychology there i

Most suitable method of controlling stock in a hotel bar, "Periodic Review"...

"Periodic Review" is the suitable method of controlling stock in hotel bar.

Explain vertical analysis, Q. Explain Vertical analysis? Vertical analy...

Q. Explain Vertical analysis? Vertical analysis demonstrates the percentage that each item in a financial statement is of some significant total such as total assets or sales.

Establishing the change fund, Establishing the Change Fund Change Fu...

Establishing the Change Fund Change Fund (asset) is debited and Cash is credited. Only time this fund would be used is if the fund is established or increased, just like Pet

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd