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Chapter 11
Posting to General and Subsidiary Ledgers
6
Accounting
11th Grade
04/01/2011

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Term
Subsidiary Ledger
Definition
a ledger that is summarized in a singel general ledger account
Term
Accounts Payable Ledger
Definition
a subsidiary ledger containing only accounts for vendors from whom merchandise or otheritems are purchased on account
Term
Accounts Receivable Ledger
Definition
a subsidiary ledger containing only accounts for charge customers
Term
controlling Account
Definition
an account in a general ledger that summarizes all accounts in a subsidiary ledger
Term
Schedule of Accounts payable
Definition
a litsing of vendor accounts, account balances, and total amount due all vendors
Term
Schedule of Accounts Receivable
Definition
a listing of customer accounts, account balances, and total amount due from all customers
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