Accounts Payable Test Questions and Answers
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Terms in this set (17)
Is used to track accounts payable transactions in more
detail.
accounts payable The total amount in the subsidiary ledger is
subsidiary ledger transferred to the general ledger monthly. The
general ledger includes less detailed information on
all company accounts.
Bargain Boots received an Debit: Inventory ($1,000); Credit: Accounts Payable
invoice after purchasing ($1,000)
$1,000 worth of boots
from a vendor on credit.
So what is the correct
journal entry?
A ledger that contains all accounts needed to prepare
financial statements.
General Ledger
A ledger that contains all asset, liability, stockholders'
equity, revenue, and expense accounts.
Maximum Fitness sent Debit: Accounts Payable ($100); Credit: Cash ($100)
their monthly payment of
$100 to a vendor for
purchasing a $1,000
treadmill on account. So
what is the correct journal
entry? What is credit and
debit and how much?
Save
Terms in this set (17)
Is used to track accounts payable transactions in more
detail.
accounts payable The total amount in the subsidiary ledger is
subsidiary ledger transferred to the general ledger monthly. The
general ledger includes less detailed information on
all company accounts.
Bargain Boots received an Debit: Inventory ($1,000); Credit: Accounts Payable
invoice after purchasing ($1,000)
$1,000 worth of boots
from a vendor on credit.
So what is the correct
journal entry?
A ledger that contains all accounts needed to prepare
financial statements.
General Ledger
A ledger that contains all asset, liability, stockholders'
equity, revenue, and expense accounts.
Maximum Fitness sent Debit: Accounts Payable ($100); Credit: Cash ($100)
their monthly payment of
$100 to a vendor for
purchasing a $1,000
treadmill on account. So
what is the correct journal
entry? What is credit and
debit and how much?
