An accounts payable ledger is:
A) A subsidiary ledger that contains an account for each supplier (creditor).
B) A list of the balances of all the accounts in the accounts receivable ledger that is added to show the total amount of accounts receivable outstanding.
C) A book of original entry that is designed and used for recording only a specific type of transaction.
D) The ledger that contains the financial statement accounts of a business.
E) A subsidiary ledger that contains a separate account for each party that grants both short-term and long-term credit on account to the company.

Question

Quizplus · Accepted Answer

An accounts payable ledger is a subsidiary ledger that contains an account for each supplier (creditor) to whom the company owes money. This ledger keeps track of the amounts owed, payment terms, and due dates for each supplier's account.

An Accounts Payable Ledger Is