Concept explainers
The sum of all the accounts in the
A. equal the accounts receivable account balance in the general
B. equal the accounts payable account balance in the general ledger before posting any amounts
C. equal the accounts receivable account balance in the general ledger after posting all amounts
D. equal the cash account balance in the general ledger after posting all amounts
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Principles of Accounting Volume 1
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- The schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledgerarrow_forwardWhy must the Accounts Receivable account in the general ledger match the totals of all the subsidiary Accounts Receivable accounts?arrow_forwardWhich one of the four methods of payments creates an accounts receivable? Select one: a. cash in advance b. open account c. draft d. letter of creditarrow_forward
- _____________________best describes the classification and normal balance of the accounts receivable account?arrow_forwardWhich item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service revenue d. Accounts receivablearrow_forwarda. Show the journal entry to record the uncollectible accounts. b. How much will the balance sheet show as the net realizable value of the accounts receivablearrow_forward
- The controlling account in the general ledger that summarizes the debits and credits to the individual accounts in the customer's ledger is entitled A. Accounts Receivable B. Accounts Payable C. Sales D. Purchasesarrow_forwardEvery transaction recorded in the cash payments journal includes a a. credit to Cash. b. debit to Accounts Receivable. c. debit to Sales Discounts. d. debit to Cash.arrow_forwardWhen posting the column totals of a cash payments journal, a debit should be posted to a.Unearned Revenue b.Sales Discounts c.Accounts Payable d.Casharrow_forward
- Which item will appear on the credit side of ledger account? Select one: a. Rent expense b. Purchases c. Sales d. Cash receivedarrow_forwardDetermine whether the following reconciling items should be added to the book or bank account balance or deducted from the book or bank account balance by putting a (√) check mark or (X) cross mark on the corresponding columns.arrow_forwardGive what is required, For the Classification: (Classify the account if it is current/noncurrent asset; current/non-current liabilities; equity; revenue or expense); For the normal balance (answer whether the normal balance is a debit or credit) For the presentation (Classify whether a balance sheet or an income statement account). ACCOUNT CLASSIFICATION NORMAL BALANCE PRESENTATION OWNER’S DRAWING PETTY CASH FUND ACCOUNTS RECEIVABLE NOTES RECEIVABLE (6 MOS.) NOTES PAYABLE (2 YEARS) INTEREST EXPENSE BONDS PAYABLE UNEARNED INCOME ACCRUED EXPENSE PREPAID EXPENSE SUPPLIES COST OF GOOD SOLDS MERCHANDISE INVENTORY, END MERCHANDISE INVENTORY, BEG PATENT GOODWILL ADVANCES FROM CUSTOMERS ADVANCES TO SUPPLIERS…arrow_forward
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