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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

The first step in posting the sales journal to the general ledger is to

  1. (a) total and verify the equality of the amount columns.
  2. (b) enter the date in the Date column of the ledger account.
  3. (c) enter the new balance in the Balance columns of the ledger account.
  4. (d) enter the ledger account number below the column totals in the journal.

To determine

Find the first step in posting the sakes journal to the general ledger.

Explanation

Sales Journal

A journal is a book of original entry where all journal entries are recorded on the date of their occurrence in a chronological order.

Sales journal is one form of special journal book, which records sales transactions that are sold to customers on credit.

Steps in posting the sales journal to the general ledger:

Step 1: Calculate the total amount for both the columns and then verify the total of the debit column equals the total of the credit columns.

Step 2: Enter the date of the transaction in the Date column.

Step 3: Enter the debit amount and the credit amount in the Debit and Credit columns respectively.

Step 4: Compute the ending balance and enter the new balance in the respective debit and credit columns...

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