A subsidiary ledger that contains a separate account for each party that grants credit on account to the business is called a(n)
A) Controlling account
B) Accounts Receivable Ledger
C) Accounts Payable Ledger
D) Merchandise Inventory Ledger
E) Accounts Payable

Question

Quizplus · Accepted Answer

The Accounts Payable Ledger is a subsidiary ledger that contains individual accounts for each creditor or supplier from whom the business has purchased goods or services on credit.

A Subsidiary Ledger That Contains a Separate Account for Each