A list of the balances of all the accounts in the Accounts Receivable Ledger that is added to show the total of accounts receivable outstanding is called a
A) Schedule of accounts payable
B) Controlling account
C) Schedule of accounts receivable
D) Subsidiary ledger
E) Special journal

Question

Quizplus · Accepted Answer

A list of the balances of all the accounts in the Accounts Receivable Ledger that is added to show the total of accounts receivable outstanding is called a Schedule of Accounts Receivable. Option A, Schedule of Accounts Payable, refers to the list of balances of all the accounts in the Accounts Payable Ledger that shows the total of accounts payable outstanding. Option B, Controlling Account, is the main account in the general ledger that summarizes the details of a subsidiary ledger, in this case, the Accounts Receivable Ledger. Option D, Subsidiary Ledger, is a ledger that contains the details of a specific account category, such as the Accounts Receivable Ledger. Option E, Special Journal, is a type of journal used to record specific types of transactions, such as sales or purchases.

A List of the Balances of All the Accounts in the Accounts