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the a/p ledger requires a subsidiary ledger because it only shows what?
Weegy: A group of accounts for a business is called a ledger. To maintain the records of accounts we need to open a ledger account. [ [ For example if we want to know how much we paid for rent expenses for the whole year then we have to open a ledger account for rent expenses. so every time we paid rent ,we should give posting in the rent expenses account in the ledger. So at the end of year or any time in the accounting period we can figure out how much money we paid for rent and at the end of accounting year we can balance the rent expenses account and prepare a Trial balance to prepare the income statement at the end of accounting period. ] ] (More)
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Asked 8/21/2013 4:44:22 PM
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