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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

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

The schedule of accounts payable lists each creditor’s account balance, and the total equals the _________________.

  1. a. Controlling account in the journal
  2. b. Accounts Payable account in the general ledger
  3. c. Accounts Receivable account in the general ledger
  4. d. Purchases account in the general ledger
  5. e. Sales account in the general ledger

To determine

Identify the option that used to schedule of accounts payable lists each creditor’s account balance, and the total equals.

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:

Controlling account in the journal does not schedule a list of creditors in an alphabetical order or numerical order with respective transactions and balances as they are help in summarizing the balances of the subsidiary ledger.

Option c:

Accounts receivable in the general ledger does not schedule a list of creditors in an alphabetical order or numerical order with respective transactions and balances as they maintain a separate record of list of credit customers in an alphabetical order or numerical order with respective transactions and balances...

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