Homework Answers
Answer is 'There is no credit posting'.
Explanation:
The invoice number supporting the sales transaction is posted to the reference column in the subsidiary ledger - True statement
The reference column in the sales journal is checked when the posted is complete for each entry in the journal - True statement
There is a debit posting to accounts in the accounts receivable subsidiary ledger - True statement
But, No credit posting is not a true statement because there is a credit posting.
Credit postings are
a. Sales revenue
b.Inventory
c.Sales tax liability.
Hence 'There is no credit posting' is not a true statement.
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