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

Balance sheet, where dose inventory changes aper on the balance sheet

where dose inventory changes aper on the balance sheet

Cycle inventory is required , One or more phases in the operation cannot su...

One or more phases in the operation cannot supply all the items it makes concurrently.

What is current liabilities, Q. What is Current liabilities? Current li...

Q. What is Current liabilities? Current liabilities are debts due inside one year or one operating cycle whichever is longer. The payment of current liabilities usually require

Prepare data flow diagrams, Examine the present system and recoginize speci...

Examine the present system and recoginize specific weaknesses that must be addressed by a new improved system. As part of your analysis, prepare data flow diagrams (context, log

Meaning of social accounting, Question Social accounting is a way of ca...

Question Social accounting is a way of calculating and reporting on an organisation's ethical and social performance. It is principally concerned with offering a complementary

Receivable trouble debt, Obtain the relevant authoritative literature on ac...

Obtain the relevant authoritative literature on accounting for accounts receivable using the FASB''s Codification Research System at the FASB website. What is the specific citation

Balance sheet concepts, THE BALANCE SHEET CONCEPTS According to Howard,...

THE BALANCE SHEET CONCEPTS According to Howard, a Balance Sheet might be definite as - 'a statement which reports the principles owned by the enterprise and the assert of the c

Days of supply calculation , Using the data from the Dell Computer annual r...

Using the data from the Dell Computer annual report  determine  how  Dell  calculated  the  four  days'  supply  of  raw  materials.  Do   you think four days'supply is a valid

Advantages and disadvantages inventory procedure, Q. Advantages and disadva...

Q. Advantages and disadvantages inventory procedure? Advantages as well as disadvantages of specific identification Companies that utilize the specific identification method of

Role and activities of an accountant, Having discussed the possibility of a...

Having discussed the possibility of accounting and its emerging function, we are currently in a position to illustrates as to who is an accountant. In an attempt to reply this ques

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