The Accounts Payable controlling account:
A) Equals the sum of all balances of supplier accounts.
B) Reduces the number of entries in the general journals.
C) Increases the number of columns in the journals.
D) Stores the transaction data of individual supplies.
E) Is not included in a company's chart of accounts.

Question

Quizplus · Accepted Answer

The Accounts Payable controlling account equals the sum of all balances of supplier accounts. This account reflects the total amount owed to suppliers and is included in a company's chart of accounts.

The Accounts Payable Controlling Account