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what is the purpose of posting?
to show changes that take place in accounts
the ledger account form in our text book uses a ___________ account form (zip delivery service)
four column
what are the steps for opening an account in ledger?
write the account name and number
how often posting occurs depends on the size of the business, the number of transactions, and whether posting is done manually or electronically (t or f)
true
how do you enter the date for the second subsequent ledger postings in an account?
just put the number of the date (not the month)
will every single amount posted either increase or decrease the balance of a ledger account?
yes
what would G7 in the posting reference column of a general ledger journal tell you?
general journal page 7
every journal entry requires a posting to at least ___ ledger accounts
2
what order do you list the accounts for a trial balance, and do you include accounts with zero balances?
order of the chart of accounts; yes
what do you do for an error when you discover it before posting?
single rule through the error and write correct info above it
what is the first step in locating a trial balance error
check for math errors
what is included in the first 3 lines of a trial balance form?
who (name of company), what (name of form - trial balance), when (date)
what goes in the description column of a ledger account when you are posting a correcting entry?
correcting entry
if you journalize a transaction on the 5th but post it on the 7th, which date is entered into the ledger?
5th because that’s when the transaction happened
at what point in the accounting cycle do you prepare a trial balance?
after completely posting the ledger
the type of error where you write and amount such as 200 as 20 or 2000 (skip but js in case)
slide error
an error discovered after posting has taken place requires this
correcting entry
transferring data from the journal to the ledger
posting
a periodic report prepared by business to test the equality of total debits and total credits in the ledger
trial balance
if you meant to write 27 but wrote 72
transposition error
the accounts used by a business and can be kept on pages or cards, which are kept together in a book or file
ledger
adding all the debit balances and all credit balances and then comparing the two total to see whether they are equal
proving the ledger
the accounting stationary/form used to record financial information about specific accounts
ledger account form
whether accounts are kept manually or electronically, the ledger is often called this
general ledger
what are the steps for posting a business transaction from the general journal to the general ledger?
date, write g#, enter debit or credit amount in the correct column, compute the new balance, write the ledger account # in the post ref column