The Entries Recorded in the Other Accounts Column of a Cash

question 69

Multiple Choice

The entries recorded in the Other Accounts column of a cash payments journal

• A) are posted to the accounts payable subsidiary ledger daily.
• B) are posted individually to accounts in the general ledger.
• C) are not posted individually but are posted as a column total to the general ledger.
• D) do not require posting.

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Definitions:

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.

Close Account Year-End

The process of updating account balances and summarizing a company's financial activities to prepare for the next accounting period.

Interest Revenue

Income earned from lending funds or through investing in interest-bearing financial instruments.

Gain Sale Building

The profit realized from the sale of a building asset.