Asked by caglar gokbulut on Jul 23, 2024
Verified
The Accounts Receivable and Accounts Payable are both controlling accounts.
Controlling Accounts
Controlling accounts are general ledger accounts that summarize the balances of a group of subsidiary accounts in a double-entry bookkeeping system.
Accounts Receivable
An asset account that records amounts to be received from customers for goods sold or services rendered on credit.
- Describe the procedure and importance of a Schedule of Accounts Payable.
Verified Answer
AH
Ashlee HilmanJul 28, 2024
Final Answer :
True
Explanation :
Both Accounts Receivable and Accounts Payable are considered controlling accounts because they summarize the total amounts owed to and by a company, respectively, and are supported by subsidiary ledgers that detail individual transactions with customers and suppliers.
Learning Objectives
- Describe the procedure and importance of a Schedule of Accounts Payable.
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