When Posting Entries from a Purchases Journal to the General

question 134

Multiple Choice

When posting entries from a purchases journal to the general ledger,________.

• A) posting references are not shown in the subsidiary ledger
• B) the Accounts Payable balance in the general ledger will be less than the sum of the individual vendor balances in the subsidiary ledger
• C) the amounts in the Other Accounts DR column are posted individually to the specific accounts
• D) entries are posted on a daily basis for all the accounts

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Definitions:

Tax Bases

The total amount of assets or income that can be taxed by a government, forming the foundation for calculating tax liabilities.

Services

Intangible products or actions that provide value to consumers, differing from goods which are physical items.

Federal Government

The national government of a federal country, which shares sovereignty with constituent states or provinces, responsible for governing national matters.

Social Security Tax

A tax levied on both employers and employees to fund the Social Security program, which provides benefits for retirees, the disabled, and children of deceased workers.