The controlling account in the general ledger that summarizes the individual customer accounts in the subsidiary ledger is entitled
A) Purchases
B) Accounts Payable
C) Fees Earned
D) Accounts Receivable

Question

Quizplus · Accepted Answer

The controlling account in the general ledger that summarizes the individual customer accounts in the subsidiary ledger is Accounts Receivable. This account reflects the total amount owed to the business by its customers, and is a summary of all the individual customer balances in the subsidiary ledger.

The Controlling Account in the General Ledger That Summarizes the Individual