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1. What is the definition of “list of balances”?
2.”Interest charged on overdue accounts”
What does this mean and how to account for it?The list of balances is the list of balances in the receivable ledger.
Interest charged on overdue accounts is interest charged to customers who pay late. We account for it by debiting the receivables ledger control account and crediting interest receivable account. (And, of course, we also debit the account of the customer who is being charged the interest)
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