Question

The controlling account in the general ledger that summarizes the individual customer accounts in the subsidiary ledger is entitled a.Fees Earned b.Accounts Payable c.Accounts Receivable d.Purchases

Answer 1

Answer:

The correct answer is (c)

Explanation:

A controlling account is an adjustment account for which a subsidiary ledger is generally created. It helps to further track the transactions in detail. A controlling account is an account in the general ledger that is entitled as accounts receivable. This account includes a separate account for every single customer who makes a credit purchase.