Posting Debits from the Sales Journal to Accounts Receivable Twice-Once

question 61

True/False

Posting debits from the Sales journal to Accounts Receivable twice-once to the general ledger account Accounts Receivable and once to the customer's subsidiary account-violates the accounting equation of debits equal credits.

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Definitions:

Snow-Day

A colloquial term typically referring to a day when schools or businesses are closed due to excessive snowfall that impedes travel and regular operations.

Other Expenses

Expenditures that are not directly related to the production of goods or services, such as administrative and selling expenses.

Wells Serviced

The number of oil, gas, or water wells that have undergone maintenance, repair, or any other service by a company during a given period.

Corporate Function

Essential activities or roles within an organization that support its core business operations, such as human resources, finance, and IT.