Joanne 's Party Supplies : The Purposes Of An Accounts Receivable Subsidiary Ledger

Joanne 's Party Supplies : The Purposes Of An Accounts Receivable Subsidiary Ledger

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Joanne’s Party Supplies
The purposes of an accounts receivable subsidiary ledger
Joanne uses an accounts receivable subsidiary ledger to see the customers who have bought on credit from Joanne’s Party Supplies. This allows her to keep track of customer payments and concentrate on getting payments from debtors with overdue payments. By having details of the accounts receivable activity in a subsidiary ledger, Joanne is able to better control her business’ financial information. It includes a separate account for each customer who makes credit purchases, and the combined balance of every account in this subsidiary ledger equals the balance of accounts receivable in the general ledger. This is essential to Joanne’s Party Supplies because it provides Joanne quick access to each customer’s balance and account activity. At the end of each month, an Aged Debtor’s Report will be prepared using the balances at the beginning of the month, in this case, May. This Aged Debtor’s Report can be used by Joanne to see customer reliability and track customer accounts, because it gives an overview of ...

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