Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

8.Which of the following is not an advantage of a subsidiary ledger? a. Shows transactions affecting one customer or one creditor in a single account.

image text in transcribed

8.Which of the following is not an advantage of a subsidiary ledger? a. Shows transactions affecting one customer or one creditor in a single account. b. Helps locate errors in individual accounts c. Puts greater detail in the general ledger. d. Makes possible a division of labor 9. Credit sales of assets other than merchandise are recorded in the a. cash payments journal. b. cash receipts journal. c. general journal d. sales journal 10. When the totals of the sales journal are posted at the end of the month, there will be credits to a. Sales and Merchandise Inventory and debits to Accounts Receivable and Cost of Goods Sold b. Accounts Receivable and Cost of Goods Sold and debits to Sales and Merchandise Inventory c. Sales and debits to each individual customer account. d. the Sales account only, and no debits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fire Extinguisher Log Book

Authors: Arahan Khan

1st Edition

B09TZKR5Z4, 979-8428924282

More Books

Students also viewed these Accounting questions

Question

5. Identify the logical fallacies, deceptive forms of reasoning

Answered: 1 week ago

Question

6. Choose an appropriate organizational strategy for your speech

Answered: 1 week ago