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Unformatted text preview: journal would be used to record all the payments that have been made to the companys bank account. This journal would be used when the company made any payments from the account. A subsidiary ledger is a group of accounts with a common characteristic. Its purpose is to free the general ledger from the details of the individual balances. A control account is a general ledger that summarizes the data from the subsidiary ledger. The purpose of this is to clear up all the clutter on the general ledger and to make sure the balances of the accounts are correct. The purpose of the general account is to act as a control....
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- Spring '11