The cash receipts journal is posted to the general ledger in two stages. First, the individual amounts in the General Credit column are posted and then the total of the other amounts columns are posted.
Correct Answer:
Verified
Q6: A journal designed for entering only purchases
Q7: "S14" in the Posting Reference column of
Q8: There is no need to total columns
Q10: Each special journal allows for specific transactions.
Q12: A journal designed for entering only cash
Q13: The use of bank credit cards in
Q14: It is inefficient to record all cash
Q15: The sales journal can be used to
Q16: A common approach to keeping a record
Q24: For the merchant, bank credit card sales
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents