leemanz ACC Rev. Questions 6&7

leemanz ACC Rev. Questions 6&7 - Subsidiary Ledger- a...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
ACC Review Questions Page 167 7. With the exception of contra accounts, a debit will increase which of the five classifications of accounts? A debt will increase a asset, and a expense. 8. With the exception of contra accounts, a credit will increase which of the five classifications of accounts? A credit will increase a liability, equity, and revenue. 9. What is a contra account? A contra account is a bookkeeping account that has an contrary or reverse effect in their account classification 10. What is meant by a normal account balance? A normal account balance is the type of balance an account is expected to have. Page 198 5. What is the definition of each of the following terms?
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Subsidiary Ledger- a separate ledger providing supporting detail for a specific account in the general ledger. Accounts Receivable Subsidiary Ledger- a ledger showing the activity and detail of amounts owed to suppliers and service providers. Accounts Payable Subsidiary Ledger- a ledger showing the activity and detail for each customer receivable Guest Ledger- an accounts receivable subsidiary ledger used by lodging operations for transactions by registered guest City Ledger- an accounts receivable subsidiary ledger used by lodging operations for transactions by any unregistered guest...
View Full Document

Ask a homework question - tutors are online