The Balance Column in a Ledger Account Is

question 109

Multiple Choice

The balance column in a ledger account is:

• A)An account entered on the balance sheet.
• B)A column for showing the balance of the account after each entry is posted.
• C)Another name for the dividends account.
• D)An account used to record the transfers of assets from a business to its owner(s).
• E)A simple form of account that is widely used in accounting to illustrate the debits and credits required in recording a transaction.

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Definitions:

Sales Tax

A government-imposed tax on sales of goods and services, typically collected at the point of sale from consumers.

Charge Customer

This involves billing a customer for goods or services rendered, resulting in an accounts receivable entry in the company's books.

Accounts Receivable

Amounts owed to a company by customers for goods or services that have been delivered or used, but not yet paid for.

Net Sales

Total revenue from sales less returns, allowances, and discounts.