Asked by abhishek dadhwal on May 08, 2024
Verified
Which accounts in the general ledger are affected when the monthly posting is made from the sales journal?
A) Accounts Receivable; accounts receivable subsidiary accounts
B) Accounts receivable subsidiary accounts; Sales Revenue
C) Accounts Receivable; Sales Revenue
D) Accounts Receivable; Purchases
General Ledger
A comprehensive record of all financial transactions that occur within a company, organized by account.
Sales Journal
A specialized accounting journal used to record all sales of goods and services on credit.
Sales Revenue
The total amount of money a company receives from its sales of goods or services before any expenses are subtracted.
- Understand the mechanisms of recording transactions in the general and subsidiary ledgers.
- Understand the accounting for sales returns and allowances and their impact on accounts receivable.
Verified Answer
EI
Emily InfanteMay 14, 2024
Final Answer :
C
Explanation :
When a monthly posting is made from the sales journal, it affects the Accounts Receivable account (which is increased by the amount of sales made on credit) and the Sales Revenue account (which is increased by the total amount of sales made).
Learning Objectives
- Understand the mechanisms of recording transactions in the general and subsidiary ledgers.
- Understand the accounting for sales returns and allowances and their impact on accounts receivable.
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