Which statement concerning the accounts payable subsidiary ledger is incorrect?
A)It keeps track of amounts owing to individual creditors.
B)The postings from the purchases journal are to the credit of the individual subsidiary ledger accounts.
C)The debit entries equal the credit entries.
D)None of the above are incorrect,i.e.all are correct statements.

Question

Quizplus · Accepted Answer

The debit entries do not necessarily equal the credit entries in the accounts payable subsidiary ledger, as it is used to track individual creditor balances, which can vary.

Which Statement Concerning the Accounts Payable Subsidiary Ledger Is Incorrect