Adjusting entries are recorded in the a cash payments

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Adjusting entries are recorded in the ________. A) cash payments journal B) purchases journal C) cash receipts journal D) general journal Answer: D
A subsidiary ledger is: D
Which of the following is true of an accounts payable subsidiary ledger? C
Which of the following is true of a control account?
C) It is equivalent to a contra account and represents the offsetting nature of debits and credits on a firm's financial statements. D) It holds individual accounts that support a general ledger account. Answer: B Which of the following is true of an accounts receivable subsidiary ledger? A) It does not include a receivable account for each customer, but includes a cumulative account for all customers. B) It contains information about the amount each customer purchased on credit, but excludes the customer name. C) The total of the accounts in the accounts receivable subsidiary ledger must equal the accounts receivable balance in the general ledger. D) Companies keep an accounts payable subsidiary ledger that is entirely different than the accounts receivable subsidiary ledger. Answer: C
Assume that a company has only four customers: A, B, C, and D. The accounts receivable balance in the general ledger is $7,983 and the accounts receivable subsidiary ledger of customers A, C, and D have $1,246, $2,596 and $3,240 respectively. Calculate the amount in the accounts receivable subsidiary ledger account of customer B. D

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