One important aspect of the general ledger is that it shows the current balances in the company's accounts, such as cash available or monies owed to the company. This controlling account is called __________.

Question

purchases

fees earned

accounts payable

accounts receivable

Answer 1

This controlling account is called accounts receivable.

Accounts receivable represents the money owed to the company by its customers for goods or services that have been delivered or used but not yet paid for.