What is the purpose of subsidiary ledgers?
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What is the purpose of subsidiary ledgers and what are the possible ramifications of not using subsidiary ledgers? How are subsidiary ledgers used in journalizing entries?
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Solution Summary
The solution discusses when subsidiary ledgers are used and why they are used. There are five negative events that can result when not using subsidiary ledgers. The solution is cited.
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Subsidiary ledgers are a method used to handle the details of a single general ledger account. Any general ledger account might have a subsidiary ledger developed to analyze the details of the account, but the most common ones are for accounts receivable and accounts payable.
These two general ledger accounts tend to have the most activity ...
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