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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Describe the procedure for posting each of the following:

  1. a. From the sales journal to the accounts receivable ledger
  2. b. From the purchases journal to the accounts payable ledger

a.

To determine

Explain the procedures of posting transactions from sales journal to accounts receivables ledger.

Explanation

Sales Journal: Sales journal is one form of special journal book that records all the sales transactions that are sold to customers on credit.

The procedures of posting transactions from sales journal to accounts receivables ledger are as follows:

  • In the accounts receivable ledger, post individual amounts to credit the customer accounts on a daily basis...

b.

To determine

Explain the procedures of posting transactions from purchases journal to accounts payables ledger.

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