Identify the effect caused by each of the following transactions on the Accounts Receivable Subledger Debit (DR), Credit (CR), or No Effect (NE) 1 Sale of merchandise on credit 2 Purchase of merchandise on credit 3 Closing of revenue accounts at year end 4 Receipt of cash from credit customer 5 Pay...

Identify the effect caused by each of the following transactions on the Accounts Receivable Subledger: Debit (DR),

Question:

Identify the effect caused by each of the following transactions on the Subledger:

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...