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College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160

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BuyFindarrow_forward

College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160
Chapter 12, Problem 6RQ
Textbook Problem
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What steps are followed in posting from the cash receipts journal to the general ledger?

To determine

Indicate the steps followed in posting from the cash receipts journal to the general ledger.

Explanation of Solution

Cash Receipts Journal:  It is a special book where only cash receipts transactions that are received from customers, merchandise sales and service made in cash and collection of accounts receivable are recorded.

The following are the some examples of transactions that would be recorded in the Other Accounts credit column of the cash receipts journal:

  • • Cash received as interest on notes payable
  • • Interest revenue received from debtors
  • • Cash receipts from bank loans
  • • Cash receipts for capital investments

Steps followed in posting from the cash receipts journal to the general ledger:

In the general ledger account:

Step 1: Enter the date of the transaction in the Date column.

Step 2: Enter the debit amount and the credit amount in the Debit and Credit columns respectively.

Step 3: Compute the ending balance and enter the new balance in the respective debit and credit columns.

Step 4: Enter the initials (CR) and the journal page number in the Posting Reference column of the ledger for each transaction.

In the cash receipts journal:

Step 5: Enter the ledger page number in the Posting Reference column for each posted accounts...

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Chapter 12 Solutions

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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