How many postings to Fees Earned for the month would be needed in Discussion Question 3 if the procedure described in
(a) had been used; if the procedure described in
It is not advisable for a company to maintain a two-column journal if it has transactions that are recurring. The recording of such transaction in a two-column journal is not efficient as it will cost the company more time in doing that activity.
(b) had been used?
The bookkeeper assesses the journal type to be used prior to recording the entries to save more time. It also allows the users of the journals to be more efficient in reading the report by identifying immediately where to get the data and what type of data to read.
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