BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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entry date in the Date column of the account
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journal page number in the Post. Ref. column of the account
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entry amount in the Debit or Credit column of the account
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none of these
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Detailed explanation-1: -The first step to posting journal entries to general ledgers is to enter the account information, such as the name, type and number. This should also include both balance sheets and income statement reports. Balance sheets record what a company owns, such as: Cash and cash equivalents.
Detailed explanation-2: -The five steps of posting from the journal to ledger include typing the account name and number, specifying the details of the journal entry, entering the debits and credits for the transaction, calculating the running debit and credit balances, and correcting any errors.
Detailed explanation-3: -The steps for posting are to write the date, the journal page number, the amount, and the balance. The account number is placed in the Post. Ref. column of the journal as the last step in the posting procedure.
Detailed explanation-4: -Journal entries overview The first step is to record transactions in a journal. Use your journal to identify transactions.