Question: a) What is the difference between a control account and a subsidiary account? What is factoring receivables? b) A business maintains subsidiary accounts for each

a) What is the difference between a control account and a subsidiary account? What is "factoring receivables"?

b) A business maintains subsidiary accounts for each of its customers. On April 7, the business provides $2,500 in services to Anne Hill on account. On April 9, the business sells $4,000 (sales price) of merchandise inventory to Ron Wilson on account. On April 19, the business sells $10,000 (sales price) of merchandise inventory to David Zhang for cash $5,000 and on account $5,000.

All the amount that was sold on account was collected from each customer on April 26.

Prepare the journal entries for April 26. Ignore Cost of Goods Sold and omit explanations.

c) What is "Uncollectible"?

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