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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.
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Asked 6/30/2013 2:03:55 PM
Updated 7/12/2016 12:11:41 PM
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User: 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. ]
Expert answered|nlewis123|Points 80|

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 profit and loss statement. ]
Expert answered|nlewis123|Points 80|

Question
Asked 6/30/2013 2:03:55 PM
Updated 7/12/2016 12:11:41 PM
4 Answers/Comments
This conversation has been flagged as incorrect.
Flagged by emdjay23 [7/12/2016 1:05:57 AM]
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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 7/12/2016 1:06:35 AM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [7/12/2016 9:34:10 AM]
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A common approach to keeping a record of each customer's account receivable is to use a subsidiary accounts receivable ledger.
Added 7/12/2016 12:11:41 PM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [7/12/2016 12:22:06 PM]
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emdjay23, the first question is not true or false.
Added 7/12/2016 9:34:01 AM
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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
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Updated 186 days ago|1/13/2018 11:42:28 AM
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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 186 days ago|1/13/2018 11:16:26 AM
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Confirmed by jeifunk [1/13/2018 11:42:29 AM]
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