A credit policy that is too lenient results in increased sales volume accompanied by a low level of losses. decreased sales volume accompanied by a low level of losses. increased sales volume accompanied by a high level of losses. decreased sales volume accompanied by a high level of losses The Sales account is classified as a liability account. an asset account. a contra account. a revenue account. To find the balance due from an individual customer, the accountant would refer to the general journal. the Sales account in the general ledger. the accounts receivable subsidiary ledger. the Accounts Receivable account in the general ledger. After all postings have been made, the total of the schedule of accounts receivable should equal the balance of the Sales account the balance in the Accounts Payable account in the general ledger. the balance of the Accounts Receivable account in the general ledger. the total of all sales on account for the accounting period. All of the following are examples of the most common types of credit sales, except closed-account credit cards. business credit cards. bank credit cards. cards issued by credit card companies