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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Arrange the following steps in the posting process in correct order:

  1. a. The amount of the balance of the ledger account is recorded in the Debit Balance or Credit Balance column.
  2. b. The amount of the transaction is recorded in the Debit or Credit column of the ledger account.
  3. c. The ledger account number is recorded in the Post. Ref. column of the journal.
  4. d. The date of the transaction is recorded in the Date column of the ledger account.
  5. e. The page number of the journal is recorded in the Post. Ref. column of the ledger account.

To determine

Indicate the correct sequence of the steps in the posting process.

Explanation

Posting transactions: The process of transferring the journalized transactions into the accounts of the ledger is known as posting the transactions.

The following are the steps in accounting process:

  • ■ Indicate the date of the journal entry in the Date column of the ledger account.
  • ■ Record the dollar amount in Debit and Credit columns of the respective ledger account...

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