Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 31 - No. 30)
What happens after entries from the purchases journal are posted to the ledger?
The Purchases Ledger and the General Ledger are updated.
The bank account is debited.
The cash book is updated.
No further action is required.
Explanation
Entries from the purchases journal are posted to individual supplier accounts in the purchase ledger and summarized in the general ledger's purchase account.
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