After all postings have been made,the total of the schedule of accounts receivable should equal
A) the balance of the Sales account.
B) the total of the Accounts Receivable Debit column in the sales journal.
C) the balance of the Accounts Receivable account in the general ledger.
D) the total of all sales on account for the accounting period.

Question

Quizplus · Accepted Answer

The schedule of accounts receivable lists all customers who owe the business money and the total amount owed by each customer. As each sale on account is posted to the customer's account in the sales journal, the accounts receivable balance in the general ledger is updated. Therefore, the total of the schedule of accounts receivable should equal the balance of the Accounts Receivable account in the general ledger, as this represents the total amount owed by all customers at the end of the accounting period. Options A, B, and D are not accurate because they do not reflect the total amount owed by all customers, but rather only partial amounts or sales for the period.

After All Postings Have Been Made,the Total of the Schedule