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Unformatted text preview: You use this ledger when you have a lot of information that needs more organization. A controlled account is in the general ledger it contains summary information (Accounting Coach 2008). Two general ledger accounts that can act as controlled accounts for a subsidiary ledger are accounts receivable and accounts payable (Kimel & Kieso 2008). Advantages of using subsidiary ledger are to keep track of specific account activity, such as storing transaction data of individual customers and store data of individual suppliers. Subsidiary ledgers help identify errors in individual accounts, help with recording tasks and gives up-to-date information on customer and specific account balances(Accounting Coach 2008)....
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This note was uploaded on 11/30/2010 for the course BUS 210 XACC 280 taught by Professor Veilleux during the Spring '10 term at University of Phoenix.
- Spring '10