The Accounts Payable account in the general ledger is:
A) The subsidiary account to the purchases journal.
B) A controlling account for the subsidiary accounts payable ledger.
C) Part of a special journal.
D) The account that controls the purchases journal.
E) Part of a subsidiary ledger.

Question

Quizplus · Accepted Answer

The Accounts Payable account in the general ledger acts as a controlling account for the subsidiary accounts payable ledger. This means that it summarizes the balances of all individual accounts in the subsidiary ledger and is used to monitor the overall amount owed to suppliers.

The Accounts Payable Account in the General Ledger Is