Posting from Special Journals a. When are purchases transactions posted to the accounts

Chapter 17, Problem 4

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QUESTION:

Posting from Special Journals

a. When are purchases transactions posted to the accounts payable subsidiary ledger? Why?

b. When are cash payments transactions posted to the accounts payable subsidiary ledger? Why?

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QUESTION:

Posting from Special Journals

a. When are purchases transactions posted to the accounts payable subsidiary ledger? Why?

b. When are cash payments transactions posted to the accounts payable subsidiary ledger? Why?

ANSWER:

                                                                          Step 1 of 3

Special journals are the specific purpose journals that are prepared to list the specialized transaction separately. Example of these journals are – sales journal, purchase journal, cash receipt journal, cash payment journal, etc.

                                                                         

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