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Chapter 12 Volca
chapter 12 vocabulary
Question | Answer |
---|---|
Subsidiary Ledger | A ledger that is summarized in a single general ledger account |
Accounts payable ledger | a subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account |
Accounts receivable | subsidiary ledger conatingin only accounts for charged customers |
Controlling account | ab account in a general ledger that summarizes all accounts in a subsidiary ledger |
Schedule of accounts payable | a listing of vendor aaccounts, account balances, and total amount due from all customers |
Schedule of accounts receivable | a lisiting of customer accounts, account balances, and total amount due from sll customers. |