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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
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BuyFindarrow_forward

College Accounting, Chapters 1-27

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

What steps are followed in posting from the purchases journal the general ledger?

To determine

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

Explanation

Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single column purchase journal, debit aspect of inventory and credit aspect of accounts payable are recorded, and then posted to individual subsidiary supplier account.

Indicate the steps followed in posting from the purchases journal to the general ledger:

In the purchases journal:

Step 1: Calculate the total amount and rule the amount column.

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

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