debtors’ ledger

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A memorandum ledger account in which individual debtors’ accounts are recorded. Each account records sales made (debit), payments received (credit), discounts given (credit), and returns inwards (credit). The total sum of all individual debtors’ ledgers is periodically extracted and compared to the total on the debtors’ ledger control account as part of the internal control system. The total of the individual debtors’ ledger accounts should always equal the debtors’ ledger control account.

Subjects: Accounting.

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