DEBTORS CONTROL ACCOUNT Definition

Bookmark and Share

DEBTORS CONTROL ACCOUNT reflects the total amount owed by the all the individual debtors. The balance of the debtors control account must equal the total of the debtors list, which represents the amounts owed by the individual debtors obtained from the individual balances in the various subsidiary ledger accounts for each debtor. This subsidiary ledger is known as the debtors ledger.

Learn new Accounting Terms

BILL OF SALE is a written statement attesting to the transfer (sale) of goods, possessions, or a business to a buyer.

MCS see MATERIAL CONTROL SYSTEM.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.