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)Even though the sales journal is posted monthly to the subsidiary ledger,it is a reliable record of the amount received 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

When posting from a sales journal to the general ledger, individual accounts receivable are posted daily from the sales journal to the accounts receivable subsidiary ledger. This ensures that each customer's balance is accurate and up-to-date. Option A is incorrect because entries in the sales journal are only posted to the general ledger, not the accounts receivable subsidiary ledger. Option C is incorrect because the sales journal does not record the amount received from each customer, but rather the total sales for the period. Option D is incorrect because regardless of the inventory system used (perpetual or periodic), the sales journal will always have a Cost of Goods Sold DR and Merchandise Inventory CR column.

Which of the Following Is True of Posting from a Sales