Chat with AIExam 17: Appendix: Special Journals, subsidiary Ledgers and Control Accounts
Exam 1: Introduction to Financial Accounting40 Questions
Exam 2: Measuring and Evaluating Financial Position and Financial Performance65 Questions
Exam 3: The Double-Entry System67 Questions
Exam 4: Record-Keeping58 Questions
Exam 5: Accrual Accounting Adjustments64 Questions
Exam 6: Financial Reporting Principles, accounting Standards and Auditing59 Questions
Exam 7: Sustainability Reporting35 Questions
Exam 8: Internal Control and Cash32 Questions
Exam 9: Inventory52 Questions
Exam 10: Noncurrent Assets54 Questions
Exam 11: Liabilities36 Questions
Exam 12: Completing the Balance Sheet45 Questions
Exam 13: Revenue and Expense Recognition: Additional Concepts57 Questions
Exam 14: The Statement of Cash Flows53 Questions
Exam 15: Financial Statement Analysis50 Questions
Exam 16: Accounting Policy Choices39 Questions
Exam 17: Appendix: Special Journals, subsidiary Ledgers and Control Accounts23 Questions
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Use the information given below to answer the following questions:
Gum Ltd maintains subsidiary ledgers for debtors and creditors. At 1 July 2011, debtors owed $4000, and $7200 was owing to creditors. Transactions for year ended 30 June 2012 were as follows:
\ Credit sales 14000 Cash sales 3000 Credit purchases 23000 Cash purchases 1500 Cash received from debtors 11000 Cash paid to creditors 25000
-What was the balance of the debtors control account at 30 June 2012?
(Multiple Choice)
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(41) The general ledger account representing the subsidiary ledger is known as a control account because:
(Multiple Choice)
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(39) A credit balance in a customer's account in the debtors ledger could be due to:
(Multiple Choice)
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