Which of the following statements about subsidiary ledgers is MOST accurate?
A) The subsidiary ledger accounts will never equal the control account in the general ledger.
B) The accounts receivable ledger is a book of accounts that provides supporting detail for Accounts Receivable.
C) The subsidiary ledger accounts will equal the amount in the Sales account.
D) The subsidiary ledger account will equal the amount in the sales account less sales discounts.

Question

Quizplus · Accepted Answer

A subsidiary ledger is a set of records that provides more detailed information and supporting documentation for a general ledger account. The accounts receivable ledger is a type of subsidiary ledger that provides detail for the Accounts Receivable account in the general ledger. The subsidiary ledger should reconcile to the control account in the general ledger.

Which of the Following Statements About Subsidiary Ledgers Is MOST