BACHELOR OF BUSINESS ADMINISTRATION

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BUSINESS ADMINISTRATION

FINANCIAL ACCOUNTING

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A check mark is placed in parentheses below the General Debit and General Credit column totals in the cash payments journal to indicate that the two column totals are
A
posted individually
B
posted only as part of the column total
C
not posted
D
none of these
Explanation: 

Detailed explanation-1: -A check mark in parentheses below a General Debit column total indicates that the total is not posted. The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is known as file maintenance. The column total of the General Credit column is posted.

Detailed explanation-2: -Correct Answer: Option 4. Accounts Payable.

Detailed explanation-3: -In the cash payments journal, a check mark is used in the Post Reference column to indicate the amount has been posted to the accounts payable account in the general ledger.

Detailed explanation-4: -The controlling account in the general ledger that summarizes the debits and credits to the individual customer accounts is Accounts Receivable.

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