Asked by Rachel Gallo on May 21, 2024
Verified
The entry to record the granting of credit to a customer for a sales return is posted to
A) the accounts receivable subsidiary ledger only.
B) the general ledger only.
C) both the accounts receivable subsidiary ledger and the general ledger.
D) both the accounts payable subsidiary ledger and the general ledger.
Subsidiary Ledger
A detailed ledger that contains detailed financial information associated with specific accounts, which is summarized in the general ledger.
General Ledger
A comprehensive set of accounts that records all transactions of a company, categorized into assets, liabilities, equity, revenue, and expenses.
Sales Return
Goods returned by the customer to the seller for a refund or credit due to reasons like defects or dissatisfaction.
- Understand how transactions are recorded in the general and subsidiary ledgers.
Verified Answer
Learning Objectives
- Understand how transactions are recorded in the general and subsidiary ledgers.
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