Concept explainers
(a)
Control account:
It is a general ledger account which summarizes the entire details about the subsidiary ledger data. The purpose of using control account is that to maintain the general ledger free from many details and provide clean and correct balances to be used in the financial statements.
Subsidiary Ledger
Subsidiary ledger refers to the individual accounts, the summary of which is merged into the control account. It relives the burden on the general ledger and makes the posting easier and quicker.
To Prepare: The
(b)
To Prepare: The accounts receivable control account and subsidiary ledgers account of Company S.
(c)
To Prepare: The schedule of accounts receivable and prove the agreement of the controlling account with the subsidiary ledger at September 30, 2019.
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