On Monday, April 10, 2017, starting at 6:30 pm, at the Wallingford Town Hall, 75 School Street, Wallingford, the DRB will convene a Special Meeting to continue a Deliberative Session on Application 17-04 by MT Associates, dba Midway Oil Corp., for an illuminated wall sign.
In turn, the general ledger accounts receivable control account reflects the sum of the transactions in the subsidiary ledger, or a debit balance of $20,000. The accounts payable subsidiary ledger contains the accounts of each vendor that makes credit sales to the company. The sum of all vendor account balances in the accounts payable subsidiary ledger is equal to the balance of the general ledger accounts payable control account.
For example, assume that the following transactions have been posted to accounts payable subsidiary ledger: debits in the amount of $1,000 for purchase returns and discounts received, and credits of $5,000 for purchases, for a total credit of $4,000, or $1,000 - $5,000 = $4,000 credit balance.ll entries in the subsidiary ledger are summarized in one general ledger controlling account. As a result, the total of the accounts in any subsidiary ledger is equal to the balance of the related general ledger control account.