answer quickly Question 1i) What is the purpose of an accounts receivable subsidiary ledger?ii) What information would be included in a subsidiary ledger for a company's fixed asset account? Do you think it would be helpfulto keep a fixed asset subsidiary ledger? Explain your answer.iii) In addition, please discuss why we need both subsidiary ledgers and the general ledger. Doesn't the use of subsidiary ledgersresult in more work and recording transactions twice?

SOLUTION- ACCOUNTS RECEIVABLE IS THE BALANCE OF MONEY DUE TO A FIRM FOR GOODS AND SERVICES…

Answered: Question 1 i) What is the purpose of an…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 6QY

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Why would a company use a subsidiary ledger for its Accounts Receivable?
A subsidiary ledger is used for accounts receivable and accounts payable. Thus, transactions that are made “on account” are posted to the individual customer or creditor accounts.a. Why do companies use subsidiary ledgers for accounts payable and accounts receivable?b. Identify another account that could benefit from using a subsidiary ledger.
Explain briefly the purpose of making accounts receivable subsidiary ledger andaccounts payable subsidiary ledger!
How does the integration of blockchain technology impact the fundamental principles of double-entry accounting and financial statement verification?
• Why would a company maintain separate accounts receivable ledgers for each customer, as opposed to maintaining a single accounts receivable ledgers for all customers? Discuss the pros and cons. What are the major advantages of the use of special journals?
Match the definitions below with the correct term. A system that collects and processes [ Choose ] financial information to decision-makers. [Choose] transaction data and communicates Accounts payable (creditors') subsidiary ledger Cash receipts journal Accounts receivable (customers') subsidiary ledger Special journals A subsidiary ledger that collects transaction data of individual creditors. Control account A subsidiary ledger that collects Accounting information system transaction data of individual customers. Purchases journal A group of accounts with a common characteristic Subsidiary ledger Cash payments (cash disbursements) journal Sales journal A special journal that records all disbursements of cash. Cybercrime Manual accounting system A special journal that records all cash [Choose ] received. An account in the general ledger that summarizes subsidiary ledger data. [ Choose ] A crime that involves the Internet, a [ Choose ] computer system, or computer technology. A system…
Why is it important to keep those business receipt/records?
Morgan had net sales of $1,041,105 and average accounts receivable of $157,000. Its competitor, Stanley, had net sales of $1,090,600 and average accounts receivable of $142,100. (a) Calculate the accounts receivable turnover for both companies. (b) Which company is doing a better job of managing its accounts receivables? Complete this question by entering your answers in the tabs below. Required A Required B Compute accounts receivable turnover for both companies. Morgan Stanley Choose Numerator: 1 1 1 Accounts Receivable Turnover Choose Denominator: = = Accounts Receivable Turnover Accounts receivable turnover times times
Explain the concept of double-entry accounting, and discuss its importance in maintaining accurate financial records.
Exactly why do you need an accounting system?
Which company better manages its receivables, inventories, and payables?
Which one of the following statements is true? a. When a company uses a subsidiary ledger, the balance in the control account, Accounts Receivable, shows only the amount the company expects to collect from the accounts receivable, net of any expected uncollectible accounts. b. An accounts receivable subsidiary ledger represents amounts due to vendors and suppliers. c. The balance in the control account, Accounts Receivable, should be equal to the sum of the balances in the subsidiary ledger for accounts receivable. d. A subsidiary ledger takes the place of the control account for some companies.

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