Which of the following is TRUE of an accounts receivable subsidiary ledger?
A) It does not include a receivable account for each customer, but includes a cumulative account
for all customers.
B) It contains information about the amount each customer purchased on credit, but excludes the
customer name.
C) The total of the accounts in the accounts receivable subsidiary ledger must equal the accounts receivable balance in the general ledger.
D) Companies keep an accounts payable subsidiary ledger that is entirely different from the accounts receivable subsidiary ledger.
C) The total of the accounts in the accounts receivable subsidiary ledger must equal the accounts receivable balance in the general ledger.
You might also like to view...
Stores design provides hedonic benefits by enabling customers to locate and purchase products in an efficient and timely manner with minimum hassle.
Answer the following statement true (T) or false (F)
When preparing a statement of cash flows using the indirect method, an increase in accounts payable is added to net income
Indicate whether the statement is true or false
Identify the adjectives in the sentence. The hotel caters to foreign dignitaries
Boutique Bodega Corporation would like to change its corporate status to that of an S corporation to avoid in¬come taxes at the corporate level. To qualify, the shareholders must not be
a. corporations. b. estates. c. individuals. d. partnerships.