LO 7.3 The sum of all the accounts in the accounts receivable subsidiary ledger should ________.Choose one answer from the options below.A. equal the accounts receivable account balance in the general ledger before posting any amountsB. equal the accounts payable account balance in the general ledger before posting any amountsC. equal the accounts receivable account balance in the general ledger after posting all amountsD. equal the cash account balance in the general ledger after posting all amounts

Consider these 2 statements:1) The balance of subsidiary ledgers should always equal the balance of the general ledger control accounts during the month, and,2) the cash payments journal should always include money received by customers paying off accounts receivable.Which of the above statements is correct?Group of answer choicesThe statement about the balance of subsidiary ledgers and the statement about the cash payments journal are both incorrect.The statement about the balance of subsidiary ledgers is incorrect, and the statement about the cash payments journal is correct.The statement about the balance of subsidiary ledgers is correct, and the statement about the cash payments journal is incorrect.The statement about the balance of subsidiary ledgers and the statement about the cash payments journal are both correct.

Which of the following is not shown for each account within the accounts payable subsidiary ledger?Multiple ChoiceSalesPaymentsReturns and AllowancesAccount Balance

Which of the following might explain a debit balance on the payables’ ledger account of anindividual credit supplier?A The business took a settlement discount to which it was not entitled and paid less thanthe amount dueB The business mistakenly paid an invoice twiceC The book-keeper failed to enter a contra with the receivables ledgerD The book-keeper failed to post a cheque paid to the account

The accounting equation is balanced and shows that assets are equal to liabilities plus the owner’s equity. Business transactions recorded using the equation __________.a.)ensure that each part of a journal entry is correctb.)require an owner’s equity account to balancec.)are limited to two accounts for each entry to balanced.)form the basis for all accounting transactions in a single entry system

Diversified Dual Bookends Ltd uses a subsidiary ledger and a control account system for its accounts receivable. At the end of the accounting period a listing of customers' accounts is prepared from the subsidiary ledger. The purpose of this listing is to:a.Check the amount that should be posted to the accounts receivable control accountb.Determine whether the debits equal the credits in the subsidiary ledgerc.Prove that the subsidiary ledger agrees with the control accountd.Provide information necessary for trial balance preparatione.all of the aboveselect an answer