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

Posting from a sales journal to the general ledger typically involves posting individual accounts receivable from the sales journal to the accounts receivable subsidiary ledger on a daily basis. Option A is not entirely accurate, as not all entries in the sales journal may be posted to the general ledger. Option C is also not entirely accurate, as the sales journal is not always a reliable record of amounts received from each customer if entries are not posted daily. Option D is not necessarily true, as a perpetual inventory system may still have columns for Cost of Goods Sold DR and Merchandise Inventory CR in the sales journal.

Which of the Following Is TRUE of Posting from a Sales