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Ex 1 A company uses subsidiary ledgers for Accounts Receivable and Accounts Payable. Transactions that are made on account are posted to these subsidiary
Ex A company uses subsidiary ledgers for Accounts Receivable and Accounts Payable. Transactions that are made on account" are posted to these subsidiary ledgers in the individual customer or creditor
a Why do companies use subsidiary ledgers for accounts payable and accounts receivable?
b Identify other Asset or Liability accounts that could benefit from using a subsidiary ledger.
Ex Grant Company purchased merchandise on account from Spade Company. The selling price of the goods is $ and the cost for the merchandise to Spice was $ Spice Company's terms are net Both companies use the perpetual inventory system.
Journalize the transaction on the books of each company.
tableGrant Company,Spade CompanyThe buyer,Debit,Credit,The seller,Debit,Credit,,
Ex This information relates to Jason Co
April Purchased merchandise from Nolan Company for $ terms net FOB shipping point. Who owned the merchandise while in transit
April Purchased equipment on account for $ from Walsh Corporation.
April Paid frieght costs of $ for merchandise purchased from Nolan Company.
April Returned $ of merchandise from the April purchase from Nolan Company.
April Paid the net amount due to Nolan Company.
tablePerpetual System,Debit,Credit,Periodic System,Debit,CreditApr Apr Apr
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