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An accounting ledger that reveals the transaction history and amounts owed independently for each supplier from whom the business gets credit for purchases. The balance in the customer accounts is from time to time reconciled with the accounts payable (AP) balance in the general ledger to assure accuracy. The AP subsidiary ledger is also generally known as the AP sub ledger or subaccount.
The usefulness of the accounts payable subsidiary ledger lies in the fact that it can present at a glance the amounts owed to a particular supplier. For instance, the general balance may exhibit a total accounts payable balance of $50,000, but it will not give the data that which supplier is owed how much. This information can be taken from the accounts payable subsidiary ledger.
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
ERS is a business process among trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN)
what are the types of assests
decrease in assat & decrease in capital
Purchase of office supplies what is the account classification?
Credit what comes in. Debit what goes out.
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