A credit sale of $5,275 to a customer would result in which of the following?
A) A debit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable subsidiary ledger.
B) A credit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable subsidiary ledger.
C) A debit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable subsidiary ledger.
D) A credit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable subsidiary ledger.
E) A credit to Sales and a credit to the customer's account in the accounts receivable subsidiary ledger.
Correct Answer:
Verified
Q14: Factoring receivables is beneficial to a seller
Q15: A promissory note received from a customer
Q17: A finance company or bank that purchases
Q18: The interest accrued on $7,500 at 6%
Q20: Separate accounts receivable information for each customer
Q21: The materiality constraint,as applied to bad debts:
A)Permits
Q22: Jasper makes a $25,000,90-day,7% cash loan to
Q23: A method of estimating bad debts expense
Q24: A company has net sales of $1,200,000
Q69: The accounts receivable turnover is calculated by:
A)
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents