The Entries in the Accounts Receivable Credit Column of the Cash

question 149

Short Answer

The entries in the Accounts Receivable Credit column of the cash receipts journal must be posted _______________ to the accounts in the accounts receivable subsidiary ledger and in _______________ to the control account in the general ledger.

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Definitions:

Payment of a Voucher

The process of issuing money in return for a voucher that proves an expense has been incurred.

Bank Reconciliation

The process of matching and comparing figures from accounting records against those presented on a bank statement.

Outstanding Checks

Checks that have been written and recorded in the issuing account but have not yet been cashed or cleared by the bank.

Company's Accounts

Financial records that detail the financial transactions, assets, liabilities, and equity of a company.