BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

Solutions

Chapter
Section
BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Which of the following is a subsidiary ledger that consists of individual accounts for all creditors?

  1. a. Accounts receivable ledger
  2. b. Controlling ledger
  3. c. Accounts payable ledger
  4. d. Inventory ledger
  5. e. Purchase ledger

To determine

Identify the subsidiary ledger that contains the individual accounts for all creditors.

Explanation

Accounts payable ledger:

It is subsidiary ledger that maintains a separate record of list of creditors in an alphabetical order or numerical order with respective transactions and balances. The balance of the accounts payable ledger should be equal to the total of all the creditors individual account balances.

Justification for the incorrect answer:

Option a:

Accounts receivable ledger account maintains a separate record of list of credit customers in an alphabetical order or numerical order with respective transactions and balances.

Option b:

Controlling ledger is an account in the general ledger which helps in summarizing the balances of the subsidiary ledger.

Option d:

Inventory ledger used to maintains a separate record of inventory transaction...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

What is the primary purpose of a stock split?

Financial & Managerial Accounting

Describe the major types of adverting by purpose.

Foundations of Business (MindTap Course List)

Which fluctuate morelong-term or short-term interest rates? Why?

Fundamentals of Financial Management (MindTap Course List)

Describe Enterprise Risk Management (ERM).

Accounting Information Systems

Why do public utilities generally use different capital structures than biotechnology companies?

Fundamentals of Financial Management, Concise Edition (MindTap Course List)

Describe the four accounting entries for the liquidation of a partnership.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

Assume that an average firm in the office supply business has a 6% profit margin, a 40% total liabilities/asset...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)