Ch 3.4 Posting Transactions

Question 1

General Ledger

Answer 1

book of accounts contains a company’s asset, liability, sE accounts (common shares, retained earnniigs, revenue, expense, dividends declared)

Question 2

Chart of Accounts

Answer 2

list of a companys accounts with account numbers that identify where the account are in the general ledger

Question 3

Posting

Answer 3

The procedure of transferring journal entries from the general journal to the general ledger accounts is called posting. This phase of the recording process accumulates the effects of journalized transactions in the individual accounts.

Question 4

Posting involves transferring information from each entry in the general journal to the related accounts in the general ledger. Posting should be done in chronological order, with all of the debits and credits of one journal entry being posted before moving to the next journal entry.

Answer 4

Posting involves transferring information from each entry in the general journal to the related accounts in the general ledger. Posting should be done in chronological order, with all of the debits and credits of one journal entry being posted before moving to the next journal entry.