18 terms

Accounting General Journal, 9E: Chapter 11

Posting To General and Subsidiary Ledgers
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accounts payable ledger
a subsidiary ledger containing only accounts for vendors from whom merchandise or other items are purchased on account
accounts receivable ledger
a subsidiary ledger containing only accounts for charge customers
controlling account
an account in a general ledger that summarizes all accounts in a subsidiary ledger
schedule of accounts payable
a listing of vendor accounts, account balances, and total amount due all vendors
schedule of accounts receivable
a listing of customer accounts, account balances, and total amount due from all customers
subsidiary ledger
a ledger that is summarized in a single general ledger account
What is the relationship between a controlling account and a subsidiary ledger?
A controlling account summarizes all accounts in a subsidiary ledger.

The balance of a controlling account equals the total of all account balances in its related subsidiary ledger.
In which column of the cash payments journal are the amounts that are posted individually to the accounts payable ledger?
Accounts Payable Debit column
To which accounts are the separate amounts in the sales journal posted individually?
Customer accounts listed in the Accounts Receivable Debit column
In which column of the cash receipts journal are the amounts that are posted individually to the accounts receivable ledger?
Accounts Receivable Credit column
What accounts are listed on a schedule of accounts receivable?
All customer accounts that have balances
Which amounts in a general journal are posted individually?
Amounts in the Debit and Credit columns
List the five steps for posting to a general ledger account.
Write the date in the Date column of the account.
Write the journal page number in the Post. Ref. column of the account.
Write the amount in the Debit or Credit column of the account
Calculate and write the new account balance in the Balance Debit or Balance Credit column of the account.
Write the general ledger account number in the Post. Ref. column of the journal.
For which columns of a special journal are the column total posted to the general ledgers?
Each special amount column
In what order should special journals be posted to the general ledger?
a. Sales journal
b. Purchases journal
c. General journal
d. Cash Receipts journal
e. Cash Payments journal
What is the source document for a correcting entry affecting customer accounts?
Memorandum
How does a correcting entry affecting customer accounts impact the general ledger accounts?
It does not affect the general ledger accounts
How does posting a correcting entry affecting customer accounts differ from recording other general journal entries that impact subsidiary ledger accounts?
Only a reference to the subsidiary ledger account is entered in the Post. Ref. column of the general journal.