The Accounts Receivable Subsidiary ledger is a: O a separate ledger maintaining the details affecting individual vendor accounts O a separate ledger maintaining the details affecting individual customer accounts O controlling account

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The Accounts Receivable Subsidiary ledger is a:
O a separate ledger maintaining the details affecting individual vendor accounts
a separate ledger maintaining the details affecting individual customer accounts
O controlling account
O never used in a manual accounting system
The accrual of interest on December 31, 2008 for a note receivable dated December 15, 2008 would require the following adjusting je
O debit Interest Receivable, credit Interest Income
debit Interest Income, credit Interest Receivable
debit Inrerest Payable; credit Interest Expense
O debit Interest expense; credit Interest Payable
A
The allowance for uncollectible accounts is necessary because
O a liability results when a credit sale is made
O when recording uncollectible accounts expense, it is not possible to predict specifically which accounts will not be col
management should know how many credit losses have been sustained over the years.
O
uncollected accounts that are written off must be accumulated in a separate account.
Transcribed Image Text:The Accounts Receivable Subsidiary ledger is a: O a separate ledger maintaining the details affecting individual vendor accounts a separate ledger maintaining the details affecting individual customer accounts O controlling account O never used in a manual accounting system The accrual of interest on December 31, 2008 for a note receivable dated December 15, 2008 would require the following adjusting je O debit Interest Receivable, credit Interest Income debit Interest Income, credit Interest Receivable debit Inrerest Payable; credit Interest Expense O debit Interest expense; credit Interest Payable A The allowance for uncollectible accounts is necessary because O a liability results when a credit sale is made O when recording uncollectible accounts expense, it is not possible to predict specifically which accounts will not be col management should know how many credit losses have been sustained over the years. O uncollected accounts that are written off must be accumulated in a separate account.
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