If a company holds a large number of notes receivable it sometimes sets up a controlling account and a subsidiary ledger for notes.

Name: If a company holds a large number of notes receivable it sometimes sets up a controlling account and a subsidiary ledger for notes.
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Question

Quizplus · Accepted Answer

This statement is true. A controlling account and subsidiary ledger are set up for notes receivable when a company holds a large number of notes to keep track of the individual details of each note.

If a Company Holds a Large Number of Notes Receivable