Asked by
mohamed Meeraj
on Nov 14, 2024Verified
The entries recorded in the Other Accounts column of a cash payments journal
A) are posted to the accounts payable subsidiary ledger daily.
B) are posted individually to accounts in the general ledger.
C) are not posted individually but are posted as a column total to the general ledger.
D) do not require posting.
Cash Payments Journal
A financial journal used in accounting that records all cash outflows or payments made by a business, including expenses and debts.
Other Accounts Column
A section in accounting journals or ledgers for recording entries that do not fit into the standard categories of the accounting system.
General Ledger
A complete record of all financial transactions over the life of a company, serving as the primary source of data for all financial reports.
- Familiarize yourself with the pathway of entry movement from journals to the general and subsidiary ledgers.
- Understand the significance of the "Other Accounts" column in cash journals.
Verified Answer
E(
Learning Objectives
- Familiarize yourself with the pathway of entry movement from journals to the general and subsidiary ledgers.
- Understand the significance of the "Other Accounts" column in cash journals.