Which of the following is true of posting from a sales journal to the general ledger?
A)Entries in the sales journal are posted to either the accounts receivable subsidiary ledger or the general ledger.
B)Individual accounts receivable are posted daily from the sales journal to the accounts receivable subsidiary ledger.
C)Though the sales journal is posted monthly to the subsidiary ledger, it is a reliable record of the amount receivable from each customer.
D)Under a perpetual inventory system, the sales journal will not have the Cost of Goods Sold DR and Merchandise Inventory CR column.

Question

Quizplus · Accepted Answer

Posting from the sales journal to the general ledger involves posting individual accounts receivable from the sales journal to the accounts receivable subsidiary ledger on a daily basis. This ensures that the accounts receivable subsidiary ledger always reflects the most accurate information on the outstanding balances owed by each customer. The general ledger is then updated periodically, such as monthly, to reflect the total sales and accounts receivable for the period.

Which of the Following Is True of Posting from a Sales