Posting the Entries from the Sales Journal to the Accounts

question 92

Multiple Choice

Posting the entries from the sales journal to the accounts receivable subsidiary ledger should be done:

• A)on a weekly basis.
• B)only at the end of the accounting period.
• C)on a daily basis.
• D)at the end of each month.

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Definitions:

Stock

Portions of equity in a company that signify an ownership interest and a right to its assets and profits.

Present Value

The monetary worth at present of a future sequence of payments or a single amount, calculated with a specific interest rate.

Preferred Stock

A type of stock that typically pays fixed dividends and has priority over common stock in the event of a liquidation.

Common Stock

A type of security that represents ownership in a corporation, entitling the holder to a share of the company’s assets and profits.