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    Torrie's Avatar
    Torrie Posts: 1, Reputation: 1
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    #1

    Aug 28, 2007, 05:48 AM
    Accounting-General Journal
    When doing a general journal in accounting what are some key factors to remember which transactions goes in the journal, do you post every transaction given in the entire question or mainly receivables and payables?
    Bill Smith's Avatar
    Bill Smith Posts: 9, Reputation: 1
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    #2

    Feb 12, 2010, 11:50 AM
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    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    Feb 15, 2010, 01:03 AM

    You have to post every account from every entry you did.

    There's nothing special about receivables and payables so I don't know where you got the idea those would be the only ones.

    For instance, if you debited cash and credited accounts receivable, we need to put both of those in their respective accounts. We need to know receivables had a credit (decrease) done to it. And we need to know that cash had a debit (increase) done to it. Why would I not want to catch up my cash balance with that? Or why would I not want to catch up any of my other account balances? Why do I only want to know my balance in receivables and payables? Don't I want to know how much cash I have, or how much I had in rent expense, etc. Well, then I have to adjust all those balances with every entry that has been made, and that means posting them ALL.
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