Question

After the posting of the accounts payable ledger and general ledger is completed, the total of the accounts payable ledger balances should equal the general ledger balance of

Answer 1

Answer: Accounts Payable

Explanation:

The General Ledger has a record of all the financial transactions that take place in the company. It therefore has an Accounts Payable account that records payables that the company has incurred.

The firm will also have an Accounts Payable Ledger that will also record the payables that the firm has incurred. When the entries have been made in this ledger and also in the General Ledger, the balances should be equal to reflect proper record keeping.

If the balances are not equal then an accounting error has been made that needs to be found and rectified.