In June, Widgets, Inc. makes on account sales to Customs Motors of $800and receives a payment of $500 from them. How would this affect theAccounts Receivable control account?O A. The AR total would be decreased by $300.O B. The AR total would be decreased by $500.O C. The AR total would be increased by $800.O D. The AR total would be increased by $300.

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Description: In June, Widgets, Inc. makes on account sales to Customs Motors of $800and receives a payment of $500 from them. How would this affect theAccounts Receivable control account?O A. The AR total would be decreased by $300.O B. The AR total would be dec

Control account is a general ledger account for which subsidiary ledgers are maintained. Accounts…

Answered: yment of $500 from them. How wou ble…

Business

Accounting

yment of $500 from them. How wou ble control account? R total would be decreased by $300. R total would be decreased by $500.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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In June, Widgets, Inc. makes on account sales to Customs Motors of $800
and receives a payment of $500 from them. How would this affect the
Accounts Receivable control account?
O A. The AR total would be decreased by $300.
O B. The AR total would be decreased by $500.
O C. The AR total would be increased by $800.
O D. The AR total would be increased by $300.

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