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Ankita Yadav
on Oct 28, 2024

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The total of the individual customer account balances should equal the balance in Accounts Receivable, which is the

A) control account
B) master account
C) nominal account
D) contra account

Control Account

An account used in the general ledger to summarize the balances of subsidiary accounts and facilitate the verification of financial information accuracy.

Customer Account Balances

The amounts owed to a company by its customers for goods or services delivered on credit.

  • Comprehend the role of control accounts and subsidiary ledgers.
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ER
Enrique RigneyOct 29, 2024
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