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In a journal, typically, the column totals for the debits and credits are posted to the respective accounts in the general ledger. This includes the totals for specific accounts such as cash, accounts receivable, Accounts Payable, and other relevant categories. The individual entries may also be posted based on the nature of the transaction, but the column totals provide a summarized amount for easier tracking and reporting.
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Only the column totals for special amount columns in a journal are posted is it true or false?
false
When posting the column totals of a cash payments journal a debit should be posted to?
accounts payable
When posting a column total in the purchases journal a credit should be posted to?
accounts payable
The total of the cash disbursements column of the cash disbursements journal is posted to the cash account as a?
credit
In a cash receipt journal the sales credit column is posted to?
In a cash receipt journal, the sales credit column is posted to the Sales Revenue account in the general ledger. This entry reflects the revenue earned from sales transactions. Additionally, the corresponding debit entries, typically recorded in cash or accounts receivable, are posted to their respective accounts. This process helps maintain accurate financial records by tracking cash inflows and sales activity.
When posting the column totals of a cash payments journal a debit should be posted to?
accounts payable
Only the column totals for special amount columns in a journal are posted is it true or false?
false
Why are numbers under the column totals in the journal important?
These numbers are important because they verify that the information in that journal column has been posted to the corresponding ledger account.
Why are the numbers under the column totals in the journal important?
These numbers are important because they verify that the information in that journal column has been posted to the corresponding ledger account.
Why are number under the column totals in the journal important?
These numbers are important because they verify that the information in that journal column has been posted to the corresponding ledger account.
What do the double lines under the column totals in the Journal show?
The double lines under the column totals in a journal indicate the final sums of each column, signifying the end of a specific accounting period or transaction set. This formatting helps to clearly distinguish between regular entries and the summarized totals, ensuring clarity in financial reporting. It serves as a visual cue for accountants to easily identify the totals that will be carried forward to the next stage of the accounting process.
When posting a column total in the purchases journal a credit should be posted to?
accounts payable
The total of the cash disbursements column of the cash disbursements journal is posted to the cash account as a?
credit
Why are numbers under the column totoals in the journals important?
The numbers under the column "totals" in journals are important because they help in calculating the overall sum or total for the transactions recorded in that particular journal. This total acts as a quick reference for the total debit and credit amounts in the journal, ensuring that the journal entries are balanced and accurate.
In a cash receipt journal the sales credit column is posted to?
In a cash receipt journal, the sales credit column is posted to the Sales Revenue account in the general ledger. This entry reflects the revenue earned from sales transactions. Additionally, the corresponding debit entries, typically recorded in cash or accounts receivable, are posted to their respective accounts. This process helps maintain accurate financial records by tracking cash inflows and sales activity.
No end-of-month posting is required for the total of the Other Accounts Debit column of the cash payments journal?
True. The individual entries are what get posted to their respective accounts, not the total.
What entry do you make in the post reference column of the ledger to show that you posted the transactions from the journal?
The "Post Reference" or PR is used ona Ledger to lead you back to the original transaction by identifying the Journal and the page in the Journal. Example - GJ1 = General Journal, page 1. On a Journal the PR can be used to identify the account number used from the chart of accounts
