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Accounts Payable is created when goods purchased on credit so it records the credits that is how much amount payable to creditors.
What else can I help you with?
The controlling account in the general ledger that summarizes the debits and credits to the individual customers accounts in the subsidiary ledger is entitled?
Accounts Receivable.
Debits are entered on what side of the general ledger?
Debits are entered on the left hand side of the ledger and therefore Credits are on the right hand side.
Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means?
The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called a
What is a book of accounts showing debits and credits called?
The General Ledger
What does a balance sheet proves?
the debits and credits equal in general ledger
The process of transferring the debits and credits from the journal to the ledger accounts is called?
posting
What is Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means?
The dollar amounts of debits equals the dollar amount of credits in the ledger of a balance sheet. When these two values are equal, the budget is balanced.
What is the role of a T Account?
The process of using debits and credits creates a ledger format that resembles the letter 'T'. The term 'T' account is commonly used when discussing bookkeeping.
The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called?
The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called the balance sheet.
Which accounts belong in accounts payable ledger?
belong to credits
What is a subsidiary account for accounts payable?
the accounts payable account is on the general ledger and is generally comprised of many smaller vendor accounts which are listed and tracked separately in the "accounts payable subsidiary ledger". So each vendor would be a subsidiary account of the accounts payable ledger.
What do debits and credits look like at the end of a period in double-entry accounting?
At the end of the period, double-entry accounting requires that debits and credits recorded in the general ledger be equal.
