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

Question

Quizplus · Accepted Answer

A schedule of accounts receivable lists all the balances of the accounts in the Accounts Receivable Ledger, providing a total of accounts receivable outstanding. Choice A (special journal) is incorrect because a special journal is a separate journal used to record specific types of transactions, such as sales or purchases. Choice B (controlling account) is incorrect because a controlling account is a summary account that provides an overview of the balances and activity in a subsidiary ledger. Choice C (subsidiary ledger) is incorrect because the subsidiary ledger contains detailed information on each account, whereas the schedule provides a summary of all the balances. Choice E (schedule of accounts payable) is incorrect because this document would list outstanding balances owed by the company to its suppliers or vendors rather than outstanding balances owed to the company by its customers.

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