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Specialty Foods, Inc. maintains a separate accounts receivable account for each customer. Regarding this accounting treatment, which of the following statements is incorrect? 0 A.
Specialty Foods, Inc. maintains a separate accounts receivable account for each customer. Regarding this accounting treatment, which of the following statements is incorrect? 0 A. O B. C. D. The purpose of this accounting treatment is to account for payments received from the customer and the amounts still owed The separate customer accounts receivable are called subsidiary accounts. When a customer makes a payment on account, a debit is posted to the accounts receivable subsidiary account as well as to the accounts receivable control account The sum of all balances in the subsidiary accounts receivable equals a control account balance
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