Assume That a Company Has Only Four Customers: A,B,C and D.The

question 19

Multiple Choice

Assume that a company has only four customers: A,B,C and D.The accounts receivable balance in the general ledger is $8683 and the accounts receivable subsidiary ledger of customers A,C and D have $1846,$3196 and $3440,respectively.Calculate the amount in the accounts receivable subsidiary ledger account of customer B.

• A)$891
• B)$8482
• C)$2047
• D)$201

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Definitions:

Raw Materials Purchases

The total cost a company incurs for acquiring the raw materials needed in the production process.

Budgeted Balance Sheet

A projected financial statement showing the expected financial position of a company at a future date, taking into account its assets, liabilities, and equity.

Retained Earnings

Retained earnings are the portion of a company's profits not distributed as dividends to shareholders but reinvested in the business or kept as reserve.

Budgeted Income Statement

A financial report that projects income, expenses, and net income for a future period based on management's expectations.