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Accounting Ch.11

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Term
Definition
Subsidiary Ledger   A ledger that is summarized in single general ledger account  
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Accounts Payable Ledger   A subsidiary ledger containing only accounts for vendors from whom merchandise is purchased on account or other items are bought on account  
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Accounts Receivable Ledger   A subsidiary ledger containing only accounts for charge customers  
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Controlling Account   An account in a general ledger that summarizes all accounts in a subsidiary ledger  
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Schedule of Accounts Payable   A listing of vendor accounts, account balances, and total amount due all vendors  
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Schedule of Account Receivable   A listing of customer accounts, account balances, and total amount due from all customers  
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