Answer :
An account payable ledger lists balance of selected accounts that are added to show total amount of significant long-term creditors outstanding.
What is an account payable?
Money owing by firm to its suppliers is referred to as accounts payable (AP) and is shown as liability on balance sheet of business. It differs from notes payable liabilities, which are obligations made possible by formal legal instrument documents. Invoices must then go through the specific business process of the organization in order to be paid after this is done. When a bill is vouched for payment, an accounts payable is registered in the accounts payable sub-ledger. By allowing customers to pay for goods or services after they have already been received, suppliers grant their clients AP, a type of credit. Invoice payment terms vary depending on the supplier. If an invoice is paid within a certain number of days, payment terms may include the promise of a monetary discount.
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