Question : 75.A subsidiary ledger: A.Includes transactions not covered by special journals. B.Is a : 1236991

75.A subsidiary ledger:   

A.Includes transactions not covered by special journals.

B.Is a listing of all of the accounts of a business.

C.Is a listing of individual accounts and amounts with a common characteristic.

D.Is also called a general ledger.

E.Is also called a special journal.

76.A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is a(n):   

A.Controlling account.

B.Accounts receivable ledger.

C.Accounts payable ledger.

D.General ledger.

E.Special journal.

77.An accounts receivable ledger is a:   

A.Subsidiary ledger that contains an account for each supplier (creditor).

B.List of the separate accounts that show the balances outstanding from credit customers.

C.Book of original entry that is designed and used for recording only sales on credit.

D.Ledger that contains all financial statement accounts of a business.

E.Subsidiary ledger that contains a separate account for each party that grants both short-term and long-term credit on account to the company.

78.Assume that a company uses special journals for sales, purchases, cash receipts, and cash disbursements. A sales return for credit on account would be recorded in the:   

A.Sales journal.

B.General journal.

C.Cash receipts journal.

D.Direct posting journal.

E.Cash disbursements journal.

79.An accounts payable ledger:   

A.Contains an account for each credit customer.

B.Lists the balances of selected accounts that are added to show the total amount of the significant long-term creditors outstanding.

C.Is a book of original entry designed and used for recording only a specified type of transaction.

D.Contains the financial statement accounts of a business.

E.Contains a separate account for each creditor (supplier) to the company.

80.The Accounts Payable controlling account:   

A.Is not included in a company’s chart of accounts.

B.Stores the transaction data of individual supplies.

C.Reduces the number of entries in the general journals.

D.Equals the sum of all balances of supplier accounts.

E.Increases the number of columns in the journals.

81.Subsidiary ledgers do all of the following except:    

A.Remove excessive detail from the general ledger.

B.Provide up-to-date information on customer or other specific account balances.

C.Aid in error identification for individual accounts.

D.Help with division of labor (recordkeeping tasks).

E.Eliminate the need for individual postings to the customer or supplier accounts.

82.The accounts receivable ledger:    

A.Is a substitute for the sales journal.

B.Stores transaction data for individual customers.

C.Stores transaction data for individual creditors.

D.Is a substitute for the cash receipts journal.

E.Is also the controlling account.

83.Examples of other subsidiary ledgers besides those for accounts receivable and accounts payable may include all of the following except:   

A.Equipment.

B.Cash.

C.Payroll.

D.Inventory.

E.Investments.

84.Chandler Company sold merchandise on credit to Jamie Morgan for $700 and the cost of the merchandise was $290. Chandler would record this sale in the:    

A.General journal.

B.Cash receipts journal.

C.Sales journal.

D.General ledger.

E.Accounts Receivable controlling account.