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7) Which ledger contains control accounts? A. Accounts receivable subsidiary ledger B. General ledger C. Accounts payable subsidiary ledger D. General revenue and expense ledger
Accounts Receivable and Accounts Payable are examples of both nominal accounts and controlling accounts.
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User: 7) Which ledger contains control accounts? A. Accounts receivable subsidiary ledger B. General ledger C. Accounts payable subsidiary ledger D. General revenue and expense ledger

Weegy: Accounts Receivable and Accounts Payable are examples of both nominal accounts and controlling accounts.
OxTornado007|Points 5878|

User: Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on account. Which ledger would ABC use to keep track of the details of Smith’s account? A. Accounts receivable subsidiary ledger B. Accounts receivable control ledger C. General ledger D. Accounts payable subsidiary ledger

Weegy: D. Accounts payable subsidary ledger
cjam_1977|Points 290|

User: ) Under the cash basis of accounting, A. revenue is recognized when services are performed B. expenses are matched with the revenue that is produced C. cash must be received before revenue is recognized D. a promise to pay is sufficient to recognize revenue

User: Under the accrual basis of accounting, A. cash must be received before revenue is recognized B. net income is calculated by matching cash outflows against cash inflows C.events that change a company’s financial statements are recognized in the period they occur rather than in the period in which the cash ispaid or received D. the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles

Weegy: Under the accrual basis of accounting, C. events that change a company's financial statements are recognized in the period they occur rather than in the period in which the cash is paid or received
Expert answered|businesslady|Points 1013|

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Asked 10/15/2012 6:44:22 PM
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The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is A. debit Laundry Expense, $2,000; credit Laundry Expense$2,000 B. debit Laundry Expense, $4,500; credit Laundry Supplies Expense, $4,500 C. debit Laundry Supplies, $2,000; credit Laundry Supplies Expense, $2,000 D. debit Laundry ...
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