Accounting Geniuses. (1 Viewer)

[SoCal]

I didn't know where to put this, so someone can move it if they want.

When a company enters a Purchase Returns and Allowances in their General Journal, and debit Accounts Payable Control and the Suppliers Accounts Payable, do you post the debit to the Accounts Payable Control ledger, on the day or at the end of the month? I think it is on the day but I am not sure. Thanks for any help.

 

[scut]

You'd post it into the 'Accounts Payable control' ledger on the day of the transaction...

 

[SoCal]

Originally posted by scut
You'd post it into the 'Accounts Payable control' ledger on the day of the transaction...

Thanks for that. I thought that was right too, it is just that the book says otherwise. I think I remember the lecturer saying that you do it on the day though, so I will go with that.

 

[jase_]

Yeh you post it everyday then extract a trial balalance, P&L, balance sheet, etc at the end of the month.