BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the account to which an amount is posted
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the date of the entry
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that work on that journal page is completed
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none of these
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Detailed explanation-1: -Ledger accounts are prepared after transactions are recorded in a journal book. To ensure that all journal entries have been posted to the appropriate ledger accounts, account numbers from the ledger are recorded in the Posting Reference column of the general journal once each amount is posted.
Detailed explanation-2: -In the General Journal, when an account has been posted to an individual account, the number assigned to that account is listed in the Post Ref column to indicate that entry has been posted.
Detailed explanation-3: -In accounting, to “post” a transaction means to record it in the journal and/or the account ledgers. A post reference is a code that can guide anyone looking at a specific account ledger (such as accounts payable or accounts receivable) to the corresponding entry in the journal, or vice versa.
Detailed explanation-4: -Definition: A posting reference column, often abbreviated PR, is a column in the general journal that is used to indicate when entries have been posted to the ledger accounts.
Detailed explanation-5: -The information put into the Post. Ref. column in a ledger account identifies where the journal entry is recorded using a capital letter stating which journal it is in, such as G for general. This letter is followed by a number representing the page number is located on.