PRC-1 · Chapter 3 · Question 4 of 100
Which of the following accounts is typically NOT maintained within the General Ledger if an entity uses subsidiary ledgers?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Individual credit customer accounts
Explanation
When subsidiary ledgers are used, individual customer accounts are kept in the Receivables Ledger, and individual supplier accounts are kept in the Payables Ledger. The General Ledger contains all other asset, liability, equity, income, and expense accounts.
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