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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
Markus Company maintains a separate accounts receivable account for each customer.  On June 18, Markus sells $6,400 services on account to customer Anthony and $1,000 services on account to customer Walker.  How will these two transactions affect the control and subsidiary accounts?
A) The control account will have a debit balance and the subsidiary accounts will have a credit balance.  This keeps the accounting equation in balance.
B) The control account, Accounts Receivable, will be increased with a debit of $7,400.
C) The individual customer accounts in the subsidiary ledger will be increased with credits.
D) After posting this sales transaction, the sum of the balances in subsidiary accounts receivable will not equal the control account balance.
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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TanksTanks
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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