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Discuss the relationship between the balance in the accounts payable general ledger control account and what is found in the accounts payable subsidiary ledger.

Discuss the relationship between the balance in the accounts payable general ledger control account and what is found in the accounts payable subsidiary ledger. 

 

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Expert Solution

The balance in the general ledger is considered a control account. This amount is an aggregated number representing the total amount owed to creditors listed in the accounts payable journal. The accounts payable subsidiary ledger details the exact amount owed to each creditor. The sum of the amounts owed to each creditor listed in the accounts payable journal should equal the corresponding control total in the general ledger. Thus, the accounts payable subsidiary ledger is a detailed breakdown of the summary control total of accounts payable in the general ledger.

Junaid answered 10 months ago
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