Accounts in the accounts receivable subsidiary ledger are listed in order of how much is
Accounts in the accounts receivable subsidiary ledger are listed in order of how much is owed.
16) The balance in the Accounts Receivable account is $2,100 debit. Therefore, the balances in the subsidiary ledger should be $2,100.
17) The accounts receivable subsidiary ledger shows the amount owed from each customer.
18) The general ledger and the accounts receivable subsidiary ledger are the same book.
19) To show that you have posted to an account in the General Ledger, you use a checkmark.
20) Cash receipts are recorded in the Sales Journal.
21) When merchandise is sold on account, the transaction is recorded in the cash receipts journal.
22) Posting to the general ledger from the special journals should be done at the end of the month.
23) Receipts of cash should generally be recorded in the Cash Receipts Journal.
24) Proving the accuracy of the transactions in the special journals is done by crossfooting.
25) The sundry accounts column in the cash receipts journal is a miscellaneous accounts column that provides flexibility for recording infrequent transactions.