When You Record the Entry to the Subsidiary Ledger and Place

question 7

True/False

When you record the entry to the subsidiary ledger and place the checkmark in the PR column, it is necessary to post to the Accounts Receivable controlling account.

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Definitions:

AICPA

The American Institute of Certified Public Accountants, a professional organization for Certified Public Accountants (CPAs) in the United States.

Shares Of Stock

Shares of stock represent units of ownership interest in a corporation, giving shareholders a portion of the company's profits and assets.

Corporation

A legal entity that is separate and distinct from its owners, who are shareholders, and it has its own rights and liabilities distinct from those of its owners.

Federal Statutes

Laws enacted by the federal government of a country.