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A common approach to keeping a record of each customer's accounts receivable is to use a(n) (Points : 3) sales journal. accounts receivable ledger. general ledger. controlling account.
Weegy: Special Journals are designed to facilitate the process of journalizing and posting transactions. They are used for the most frequent transactions in a business. [ For example, in merchandising businesses, companies acquire merchandise from vendors, and then in turn sell the merchandise to individuals or other businesses. Sales and purchases are the most common transactions for the merchandising businesses. A business such as a retail store will record the following transactions many times a day for sales on account and cash sales. ] User: When a business uses a subsidiary accounts receivable ledger, there is no need to keep a summary accounts receivable account in the general ledger. (Points : 3) True False Weegy: General Ledger The general ledger is the core of your company’s financial records. These constitute the central “books” of your system, and every transaction flows through the general ledger. [ These records remain as a permanent track of the history of all financial transactions since day one of the life of your company. Subledgers and the General Ledger Your accounting system will have a number of subsidiary ledgers (called subledgers) for items such as cash, accounts receivable, and accounts payable. All the entries that are entered (called posted) to these subledgers will transact through the general ledger account. For example, when a credit sale posted in the account receivable subledger turns into cash due to a payment, the transaction will be posted to the general ledger and the two (cash and accounts receivable) subledgers as well. There are times when items will go directly to the general ledger without any subledger posting. These are primarily capital financial transactions that have no operational subledgers. These may include items such as capital contributions, loan proceeds, loan repayments (principal), and proceeds from sale of assets. These items will be linked to your balance sheet but not to your ... (More)
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Expert Answered
Updated 288 days ago|7/12/2016 12:11:41 PM
4 Answers/Comments
[Deleted]
Added 288 days ago|7/12/2016 1:05:56 AM
Deleted by emdjay23 [7/12/2016 12:11:39 PM]
When a business uses a subsidiary accounts receivable ledger, there is no need to keep a summary accounts receivable account in the general ledger. FALSE.
Added 288 days ago|7/12/2016 1:06:35 AM
This answer has been confirmed as correct, not copied, and helpful.
Confirmed by jeifunk [7/12/2016 9:34:10 AM]
emdjay23, the first question is not true or false.
Added 288 days ago|7/12/2016 9:34:01 AM
A common approach to keeping a record of each customer's account receivable is to use a subsidiary accounts receivable ledger.
Added 288 days ago|7/12/2016 12:11:41 PM
This answer has been confirmed as correct, not copied, and helpful.
Confirmed by jeifunk [7/12/2016 12:22:06 PM]
A schedule of accounts payable is used to prove that the sum of the accounts payable ledger balances equals the Accounts Payable balance in the general ledger. (Points : 3) True False
Weegy: The accounts receivable ledger is a subledger in which you record all credit sales made by a business. User: A discount offered as an inducement for prompt payment of an invoice is called a(n) (Points : 3) trade discount. invoice discount. early discount cash discount. Weegy: A discount offered as an inducement for prompt payment of an invoice is called early discount. (More)
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Expert Answered
Updated 5/12/2014 3:24:56 AM
1 Answer/Comment
A discount offered as an inducement for prompt payment of an invoice is called a CASH DISCOUNT.
Added 5/12/2014 3:24:56 AM
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