To Find the Balance Due from an Individual Customer, the Accountant

question 53

Multiple Choice

To find the balance due from an individual customer, the accountant would refer to the

• A)General Journal.
• B)Sales account in the general ledger.
• C)Accounts Receivable subsidiary ledger.
• D)Accounts Receivable account in the general ledger.

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Definitions:

Payoff

The return or final outcome received from an investment, which could be positive or negative.

Maturity Date

The date on which a debt obligation must be repaid in full, including any principal and accrued interest.

Troy Ounce

A Troy ounce is a unit of imperial measure used primarily in the precious metals industry, equating to approximately 31.1035 grams.

July Futures Contract

A standard legal agreement to buy or sell a particular commodity or financial instrument at a predetermined price at a specified time in July.