Reference no: EM132774157

Problem 1: Separate accounts receivable information for each customer is important because it reveals all of the following except:

Option 1: How much each customer has purchased on credit.
Option 2: How much each customer has paid.
Option 3: How much each customer still owes.
Option 4: The basis for sending bills to customers.
Option 5: When the customer intends to pay outstanding balances.

Problem 2: A credit sale of $5,275 to a customer would result in which of the following?

Option 1: A debit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable subsidiary ledger.
Option 2: A credit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable subsidiary ledger.
Option 3: A debit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable subsidiary ledger.
Option 4: A credit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable subsidiary ledger.
Option 5: A credit to Sales and a credit to the customer's account in the accounts receivable subsidiary ledger.