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A columnar accounting form used to summarize the general ledger information needed to prepare financial statements?
Trial Balance
What is a subsidiary account?
A subsidiary account is an account that is found in the subsidiary ledger. It is used to summarize the control account.
Who invented the general ledger?
It is not known who invented the general ledger but use of it can be traced back to Genoa in 1340. General ledgers are used in accounting.
Which journal produced from the general ledger that is used as an output report?
Payroll journal
General ledger account?
There are several different accounts that are used in the general ledger. Some of these accounts include cash, accounts receivable, inventory, notes payable, accounts payable, and customer deposits.
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements?
Trial Balance
What is a subsidiary account?
A subsidiary account is an account that is found in the subsidiary ledger. It is used to summarize the control account.
Who invented the general ledger?
It is not known who invented the general ledger but use of it can be traced back to Genoa in 1340. General ledgers are used in accounting.
What is sub ledger?
A General Ledger is the main ledger & all other ledgers like, Account Receivable, Account Payable Ledgers are all sub ledgers. Previously there used to be only one ledger ie the General Ledger, but as Business grew, the number of accounts too multiplied, so, the General Ledger started getting fatter, therefore the need to bring out accounts of similar nature out of General ledger & create sub-ledgers. However, there is a representative account for the subledgers in the General Ledger, which maintains only the balances of the various accounts in the Sub-Ledgers.So, by doing this the Trial Balance can always be created from the General Ledger only.
What is guest ledger?
A subsidiary ledger related to the accounts receivable general ledger account used by hotels to record the individual account activity of guests who are still at the hotel. The total of the balances in the city ledger plus the total of the balances in the guest ledger should equal the balance in the accounts receivable general ledger account.
Which journal produced from the general ledger that is used as an output report?
Payroll journal
What do i do in general ledger?
General ledger is the book of final entry of all business transactions of a company. Primarily, any end balance from the said ledger of all accounts used by a particular business enterprise is the...The all important books in the financial transaction is known as ledger.A general ledger is a summary of all transactions that occur in a company (this is not entirely accurate, the general ledger shows you the balances and debits and credits to each specific account but..
General ledger account?
There are several different accounts that are used in the general ledger. Some of these accounts include cash, accounts receivable, inventory, notes payable, accounts payable, and customer deposits.
What does the word general statement mean?
A common statement that is usually used to summarize something.
What are the subsidiary ledgers?
A subsidiary ledger is a ledger designed for the storage of a specific types of accounting transactions. The information in a subsidiary ledger is then summarized and posted to account in the general ledger, which in turn is used to construct financial statements of a company.However they usually created only for the areas in which there are high transaction volumes, which limits there use to a few area.Actually there are five types of subsidiary ledger;accounts payable ledgeraccounts receivable ledgerNotes payable ledgerNotes payable ledgerEquipment (fixed assets) ledger
A ledger that is summarized in a single general ledger account?
There is no "ledger" that summarizes your ledger.The General Ledger used by companies is a list of all accounts the company has, assets, liabilities, owners equity. A summary of these accounts is created using your "trial balance", "adjusted trial balance" and finally, the "post-closing trial balance".Not only does the trial balance summarize all the accounts in the general ledger, it also insures that the accounts "balance". Once adjustments are made (i.e. payments made, payments received, income earned, prepaid expenses used, etc.) then an adjusted trial balance is created. Now the next step is, if you want to find the amount of Retained Earning for the period (what the company made after all expenses are paid) closing entries are entered into the ledger and a post closing trial balance is created along with the income statement, statement of retained earnings, statement of owners equity and many times the balance sheet.
What purpose does a subsidiary ledger serve?
A subsidiary ledger contains the details to support a general ledger control account. A subsidiary ledger records all the detailed data for any general ledger account that has many individual subaccounts. What are some commonly used subsidiary ledgers? accounts receivable inventory accounts payable
