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Differentiate between the general ledger, subsidiary ledgers and reconciliation accounts. Explain how they are related. Support your answer with examples. Let's consider this scenario: ABC
Differentiate between the general ledger, subsidiary ledgers and reconciliation accounts. Explain how they are related. Support your answer with examples. Let's consider this scenario: ABC Company would like to sell bicycles to two customers on credit. The sales are as follow: $2000 from Customer 1 and $1000 from Customer 2. Prepare the T-accounts to record the sales for each customer in the accounts receivable subledger accounts and illustrate how it will appear in the general ledger accounts
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