After Posting Entries in a Sales Journal to the General

question 159

True/False

After posting entries in a sales journal to the general ledger,the Accounts Receivable balance in the general ledger should equal the sum of the individual customer balances in the accounts receivable subsidiary ledger.

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Definitions:

Compounded Monthly

Interest on an investment is calculated and added to the principal every month, increasing the amount of future interest earned.

Mortgage Payments

Regular payments made towards the loan used to purchase property, typically consisting of principal and interest.

Lump Sum

A single payment made at a particular time, as opposed to multiple payments over time.

Compounded Semi-annually

A method where interest is added to the principal of an investment twice per year, accelerating the growth of the investment.