The accounting record that includes the details of amounts owed to each vendor is called the:
A)Accounts payable subsidiary ledger
B)Purchases journal
C)Accounts receivable subsidiary ledger
D)Receiving log

Question

Quizplus · Accepted Answer

An accounts payable subsidiary ledger is a detailed record of the amounts owed to each vendor. The purchases journal records purchases made on credit, but it does not provide details of amounts owed to specific vendors. The accounts receivable subsidiary ledger is a record of amounts owed to the company by customers. The receiving log is a record of goods received, but it does not include information on amounts owed to vendors.

The Accounting Record That Includes the Details of Amounts Owed