College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
The __________ is used to determine where the amount in the ledger comes from.
- a. debit amount
- b. posting reference (or cross-reference)
- c. journal
- d. none of the above
Find the correct option, the option that indicates the correct term for the given explanation.
Posting transactions: The process of transferring the journalized transactions into the accounts of the ledger is known as posting the transactions.
Meaning of posting reference or cross reference:
- â– In the process of posting transactions, the page number of the journal is marked in the Posting Reference column of the ledger account, and in the same manner, the ledger account number is marked in the Posting Reference of the journal.
- â– These steps in the posting process indicate that the page number of journal recorded in the Posting Reference column of ledger account denotes the page number from where the amount is recorded.
- â– The ledger account number indicated in the Posting Reference of journal denotes the ledger account number where the amount is posted...
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