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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.
The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31,
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Replenishing the Petty Cash Fund Debit every expense account, supplies, or drawing as needed. Credit to Cash. Petty Cash is only debited when fund is established or increased.
how to make adjusting entries
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The type of accounting concerned with providing information and analyses to managers within the organization is referred to as
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Glaser Services obtained 30% of the outstanding common stock of Nickels Company on January 1, 2008, by paying $864,180 for the 48,010 shares. Nickels stated and paid $0.50 per shar
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