Which of the following is an advantage of using a sales journal?
Explanation
Special journals, including the sales journal, provide several advantages such as efficiency in journalizing and posting and allowing for a division of labor, which is a key internal control principle.
Other questions
What is the primary purpose of a subsidiary ledger?
What is the relationship between a subsidiary ledger and its corresponding control account?
Which of the following is a primary advantage of using subsidiary ledgers?
What type of transaction is recorded in a sales journal?
In the single-column sales journal for Karns Co. shown in Appendix J, what is the journal entry represented by each transaction?
What type of transaction would be recorded in a purchases journal?
How does posting from a multi-column cash receipts journal work?
A company receives cash from a customer for a sale of merchandise that occurred in the same transaction. In which special journal should this be recorded?
Which of the following transactions would be recorded in the general journal, assuming a company uses special journals?
Why does a cash payments journal typically have multiple columns?
What does 'proving the ledgers' involve after posting from a sales journal?
A company that uses special journals sells a piece of old office equipment for cash. In which journal is this transaction recorded?
A company purchases cleaning supplies on account. The company sells merchandise, not cleaning supplies. Which journal should be used to record this transaction?
At the end of the month, the total of the single-column purchases journal is posted to which two general ledger accounts?
What is the purpose of the 'Other Accounts' column in a cash receipts journal?
If a company has a sales journal, cash receipts journal, purchases journal, and cash payments journal, which of the following would be recorded in the general journal?
In a computerized accounting system with subsidiary ledgers, how is the posting process typically handled?
What is the purpose of using a check mark in the reference column of a special journal when posting to a subsidiary ledger?
If a company has a cash receipts journal with columns for Cash Dr., Sales Discounts Dr., Accounts Receivable Cr., Sales Revenue Cr., and Other Accounts Cr., what does the 'X' placed below the 'Other Accounts' column total signify?
A company uses special journals. It receives a bill for advertising that will be paid next month. Where should this transaction be recorded?
Which journal would be used to record the payment of employee salaries?
What is the term for a general ledger account that summarizes a subsidiary ledger?
A company uses a perpetual inventory system and special journals. Which two accounts are affected when recording a credit sale of merchandise?
After a company has implemented a comprehensive set of special journals, which types of entries are still typically recorded in the general journal?