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The Accounts Payable controlling account: Multiple Choice Stores the transaction data of individual...

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Question

Accounting

The Accounts Payable controlling account:

Multiple Choice

  • Stores the transaction data of individual supplies.

  • Is not included in a company's chart of accounts.

  • Reduces the number of entries in the general journals.

  • Increases the number of columns in the journals.

  • Equals the sum of all balances of supplier accounts.

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