Where is the total of the sales journal posted?
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(c)The column total of $161,400 in the sales journal would be posted tothe credit side of the Sales account and the debit side of the AccountsReceivable account in the general ledger.(d)The accounts receivable column total of $141,000 in the cash receiptsjournal would be posted to the credit side of the Accounts Receivableaccount in the general ledger.EXERCISE 7-2To:Barb MurphyFrom:StudentSubject:Nathan Ross accountThe explanation of the three entries in the subsidiary ledger for the NathanRoss account is as follows:Sept.2This was a credit sale of merchandise to Ross. The entry wasrecorded on page 31 of the Sales Journal.Sept.9This was a sales return or allowance granted to Ross. The en-try was recorded on page 4 of the General Journal.Sept. 27This was a payment by Ross of the balance due. The entry wasrecorded on page 8 of the Cash Receipts Journal.If I can be of further help, please let me know. Show EXERCISE 7-3(a) & (b)General LedgerAccounts ReceivableDateExplanationRef.DebitCreditBalanceSept.1Balance3SCRG4,1907,03022011,96016,1509,1208,900Accounts Receivable Subsidiary LedgerJanaDateExplanationRef.DebitCreditBalanceSept.1Balance3SCR1,2601,2402,4403,7002,460KingstonDateExplanationRef.DebitCreditBalanceSept.1Balance3CR1,8002,640840ImanDateExplanationRef.DebitCreditBalanceSept.1SCR1,0303801,030650CavanaughDateExplanationRef.DebitCreditBalanceSept.1Balance3SCR1,1001,3102,0603,1601,850 BickfordDateExplanationRef.DebitCreditBalanceSept.1Balance3SCRG8002,3002204,8205,6203,3203,100(c)WELTER COMPANYSchedule of CustomersAs of September 30, 2005Jana.............................................................................................$2,460Kingston.....................................................................................840Iman............................................................................................650Cavanaugh.................................................................................1,850Bickford......................................................................................3,100Total....................................................................................$8,900Accounts Receivable.................................................................$8,900EXERCISE 7-4(a) & (b)SING TAO COMPANYSales JournalS1DateAccountDebitedInvoiceNo.Ref.Accounts Receivable Dr.Sales Cr.Cost of Goods Sold Dr.Merchandise Inventory Cr.2005Sept.221T. MephistoP. Shinhan1011025208001,320300480780 EXERCISE 7-4 (Continued)SING TAO COMPANYPurchases JournalP1DateAccount CreditedTermsRef.Merchandise Inventory Dr.Accounts Payable Cr.2005Sept. 1025L. FantasiaW. Manion2/10, n/30n/306008101,410EXERCISE 7-5(a) & (b)SVENSKA CO.Cash Receipts JournalCR1DateAccountCreditedRef.CashDr.SalesDiscountsDr.AccountsReceivableCr.SalesCr.OtherAccountsCr.Cost of Goods SoldDr.Merchandise InventoryCr.2005May 1222I. Svenska, Cap.M. Irish60,0006,3009,00075,3009,0009,0006,3000,0006,30060,00000,00060,0004,2000,0004,200SVENSKA CO.Cash Payments JournalCP1DateCk.No.Account DebitedRef.OtherAccountsDr.AccountsPayableDr.CashCr.2005May 314101102Merchandise InventorySalary Expense8,2007008,9008,2007008,900 EXERCISE 7-6(a)Journal(b)Columns in the journal1.2.3.4.5.6.7.8.9.10.Cash PaymentsCash ReceiptsCash PaymentsCash PaymentsCash ReceiptsCash PaymentsCash PaymentsCash ReceiptsCash PaymentsCash ReceiptsCash (Cr.), Other Accounts (Dr.).Cash (Dr.), Sales Discounts (Dr.), andAccounts Receivable (Cr.).Cash (Cr.), Merchandise Inventory (Dr.). Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document Where is the total of the sales journal transferred to?Entries from the sales journal are posted to the Accounts Receivable subsidiary ledger and General Ledger. At the end of each month (or at fixed intervals), the amount column of the sales journal is added and the total is posted as a debit to Accounts Receivable and a credit to the sales account in the General Ledger.
Where is the total of the sales journal posted at the end of each month?Posting from the Sales Journal
At the end of each reporting period, the sum total of the debits and credits is posted to the general ledger.
Where is the total of purchase journal posted?At the end of each month, the purchases journal totals are used to update the general ledger accounts. These totals are posted as debits to purchases account, whereas the accounts payable account in the general ledger is credited.
Where are journal entries posted?Once business transactions are entered into your accounting journals, they're posted to your general ledger. Think of “posting” as “summarizing”—the general ledger is simply a summary of all your journal entries. Your general ledger is the backbone of your financial reporting.
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