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What steps are followed in posting from the cash payments journal to the accounts payable ledger?
College Accounting, Chapters 1-27 ...
Solutions
College Accounting, Chapters 1-27 ...
What steps are followed in posting from the cash payments journal to the accounts payable ledger?
Indicate the steps followed in posting from the cash payment journal to the accounts payable ledger.
Explanation of Solution
Cash payments journal: Cash payments journal refers to the journal that is used to record the all transaction which is involve the cash payments. For example, the business paid cash to employees (salary paid to employees).
Cash payments journal is used to record merchandise purchases made in cash and payments of accounts payable. It also records all other cash payments to various purposes. To include all these transactions, companies use multi-column cash payments journal.
Indicate the steps followed in posting from the cash payment journal to the accounts payable ledger:
In the accounts payable ledger account:
Step 1: Enter the date of the transaction in the Date column...
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