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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.
Balance Sheet Classi?cations and Relationships Shelley and Co. has the following balance sheet elements as of December 31, 2012. Land. . . . . . . . . . . . . . . . . . . . . . . $
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10,000 dollar loan at a Maturity of 3 months, an 8% interest rate
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
test 1
What is the implication of applying accounting concepts wrongly
the spelling of number is different than code
Answer the following questions in 200 to 300 words: · Nonprofit organizations are required to produce financial statements based on the accrual method of accounting
Q. Define Current assets? Current assets are cash and other assets that a business is able to convert to cash or uses up in a relatively short period one year or one operating
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