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Why is it important to record a posting reference in the accounts payable ledger?
Why is it important to record a posting reference in the accounts payable ledger? It provides an audit trail that allows an employee to trace the transaction back to the journal and page number.
What does a check mark in the post Ref column of a journal indicate?
A check mark in the Post. Ref. column of the journal indicates that the amounts on that line are not posted individually. The account number is placed in the Post.
When posting a column total in the purchases journal a credit should be posted to?
Terms in this set (10).
When posting a column total in the purchases journal, a credit should be posted to. ... .
Services provided for cash is recorded in the revenue journal. ... .
Once an accounting system has been implemented, feedback will be used to continuously analyze and improve the system..
What can be entered in the purchases journal?
All types of purchases made on credit are recorded in the purchases journal, including office supplies, services, and goods acquired for resale.