Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal

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Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal such as the one in Exhibit 7.7. Why not put both types of credits in the same column and save journal space?

Exhibit 7-7:

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Fundamental Accounting Principles

ISBN: 978-0078110870

20th Edition

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

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Question Posted: Aug 17, 2022 12:07 AM

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Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal

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ANSWER There are a few reasons why credits to customer accounts and credits to other accounts are in...View the full answer

Fundamental Accounting Principles

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