Which Accounts in the General Ledger Are Affected When the Monthly

question 37

Multiple Choice

Which accounts in the general ledger are affected when the monthly posting is made from the sales journal?

• A) Accounts Receivable; accounts receivable subsidiary accounts
• B) Accounts receivable subsidiary accounts; Sales Revenue
• C) Accounts Receivable; Sales Revenue
• D) Accounts Receivable; Accounts Payable

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Definitions:

Demand

A strong request for something to be given or done, often under the threat of consequences for non-compliance.

Board Of Directors

A group of individuals elected to represent shareholders and make decisions on major company issues.

Merger

In corporation law, traditionally, a transaction by which one corporation acquires another corporation, with the acquiring corporation being owned by the shareholders of both corporations and the acquired corporation going out of existence. Today, loosely applied to any negotiated acquisition of one corporation by another.

Remains Liable

Continues to be legally responsible or obligated.