Asked by Emily Fritsch on May 14, 2024
Verified
Using special journals can save time in posting because column totals are often posted rather than individual entries.
Special Journals
Journals that record similar types of transactions, such as all credit sales.
- Discern the function and indispensability of subsidiary ledgers and special journals in accounting structures.
Verified Answer
RP
Rohan PatelMay 17, 2024
Final Answer :
True
Explanation :
Special journals such as cash receipts journal, cash disbursements journal, and sales journal are designed to record specific types of transactions in one place. They summarize similar transactions and allow for easy posting to the general ledger. Column totals are often posted instead of individual entries, saving time and reducing the risk of errors.
Learning Objectives
- Discern the function and indispensability of subsidiary ledgers and special journals in accounting structures.
Related questions
Special Journals Are Used to Record Unique Transactions Which Do ...
A Subsidiary Ledger Provides Up-To-Date Information on Specific Account Balances
Accounts Receivable Subsidiary Ledger/Accounts Receivable Dr ...
Accounts Receivable Subsidiary Ledger/Accounts Receivable Cr ...
Two Transactions Were Posted to the Following Customer Account:NAME: Gen-X ...