Answer:
Step-by-step explanation:
The statement "There is no credit posting" is not a true statement about the daily posting of the sales journal. In accounting, when sales are made, especially on credit, there are credit postings to recognize the increase in revenue or accounts payable. So, credit postings are typically part of the daily posting process in the sales journal.
The other statements you mentioned are generally true in the context of daily sales journal posting:
1. "The invoice number supporting the sales transaction is posted to the reference column in the subsidiary ledger" is a common practice to link the sales journal entry with the specific transaction in the subsidiary ledger.
2. "The reference column in the sales journal is checked when the posting is complete for each entry in the journal" is a standard verification process to ensure that all entries are accurately posted to the subsidiary ledger.
3. "There is a debit posting to accounts in the accounts receivable subsidiary ledger" is true because, in the sales journal, a debit entry is made to recognize the increase in the accounts receivable (an asset account) when a sale is made.
So, the only statement that is not true is "There is no credit posting." Credit postings are a normal part of accounting entries when sales are made on credit.