Which of the following statements is false?
A) A subsidiary ledger is a group of accounts that provides details about a control account in the general ledger.
B) When a subsidiary ledger and a control account are used, each journal entry that affects accounts receivable must be posted twice.
C) The balance in the control account must always equal the total of the subsidiary ledger.
D) A subsidiary ledger includes supporting detail to the general ledger.
Correct Answer:
Verified
Q33: Trade receivables
A) occur when two companies trade
Q34: If a company fails to record estimated
Q35: The account Allowance for Doubtful Accounts is
Q36: To find the balance due from an
Q39: The net amount expected to be received
Q40: Under the allowance method for uncollectible accounts,
A)
Q41: To record estimated uncollectible accounts using the
Q42: Writing off an uncollectible account involves
A) a
Q43: Under the allowance method for uncollectible accounts,
Q57: The term "receivables" refers to
A) amounts due
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