You were surprised to note that approximately 95% of returned positive accounts receivable confirmation requests indicated that the customers thought that they owed a larger balance than the amount that had been printed by your client on the confirmation. This might be explained by the fact that:

• The cash receipts journal was closed before year-end.
• The cash receipts journal was held open after year-end.
• There are many unrecorded liabilities.
• The sales journal was held open after year-end.