Asked by
Ankita Yadav
on Oct 28, 2024Verified
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.
Verified Answer
ER
Learning Objectives
- Comprehend the role of control accounts and subsidiary ledgers.
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