Accounting Chapter 11 – Test Review. A general ledger sorts and summarizes all information affecting income statement and balance sheet accounts. The amount of money a business has to spend on accounting determines the number of ledgers used in an accounting system.
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Amounts recorded in general amount columns of a cash receipts journal are posted individually to the general ledger account names in the Account Title column.
The balance of the controlling account Accounts Payable equals the total of all vendor account balances in the accounts payable subsidiary ledger.
All of these
Cash on hand to be less than the balance in the cash account.
A business to pay too much to a vendor
Income to be overstated or understated on the income statementl
A controlling account
The previous balance is added to the new amount posted in the Credit column
Posted to the general ledger controlling account at the end of each month
The accounts receivable account balance in the general ledger
Is not posted
Schedule of accounts payable
The debit amount is written in the Debit column of the account.