Asked by
abbey shanahan
on Nov 14, 2024
Verified
A control account and subsidiary ledger can be established for inventory.
Control Account
A general ledger account that summarizes and controls the detailed data recorded in subordinate ledger accounts.
Subsidiary Ledger
A detailed ledger containing all account details and transactions for individual component accounts that roll up into a general ledger summary account.
- Gain an insight into how subsidiary ledgers correlate with control accounts.
Verified Answer
BS
Learning Objectives
- Gain an insight into how subsidiary ledgers correlate with control accounts.
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