Answer the following statements true (T) or false (F)
1) A business maintains a separate Accounts Receivable account for each customer in order to account for payments received from the customer and amounts still owed by the customer.
2) Because customers make payments on account throughout the period, the sum of all balances in subsidiary accounts receivable will not equal the control account balance.
3) By accepting credit and debit cards, companies are able to attract more customers.
4) When businesses accept payment by credit and debit cards, there is almost always a fee to the purchaser to cover the processing costs charged by the card issuer.
5) Sales through credit or debit cards transfer the risk of collection of receivables from the seller to the card issuer.
1) TRUE
2) FALSE - The sum of all balances in subsidiary accounts receivable equals a control account balance.
3) TRUE
4) FALSE - When businesses accept payment by credit and debit cards, there is almost always a fee to
the purchaser to cover the processing costs charged by the card issuer.
5) TRUE
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