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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Using the information contained in the accounts receivable ledger, the accountant can prepare _________.

  1. a. The general ledger balance
  2. b. The balance sheet
  3. c. The income statement
  4. d. A schedule of accounts receivable
  5. e. None of the above

To determine

Identify the schedule that is prepared using the information given in the accounts receivable ledger.

Explanation

Accounts receivable ledger:

It is subsidiary ledger that maintains a separate record of list of credit customers in an alphabetical order or numerical order with respective transactions and balances. It is maintained by the company as to know the amount owed by the customer at any point of time.

Justification for the incorrect answer:

Option a:

Accounts receivable ledger is a subsidiary ledger that maintains a separate record of list of credit customers in an alphabetical order or numerical order with respective transactions and balances. It does not help the accountant to prepare the general ledger balance.

Option b:

Accounts receivable ledger is a subsidiary ledger that maintains a separate record of list of credit customers in an alphabetical order or numerical order with respective transactions and balances. It does not help the accountant of the company to prepare the balance sheet.

Option c:

Accounts receivable ledger is a subsidiary ledger that maintains a separate record of list of credit customers in an alphabetical order or numerical order with respective transactions and balances...

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