Accounting Ch. 4 General Ledger Posting

Because an account form has columns for the debit and credit balance of an account, it is often referred to as the balance-ruled account form.  

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The asset division of accounts for TechKnow Consulting are numbered in the 100's.  

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The Cash account is the first asset account and is numbered 100.  

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The second division of TechKnow Consulting's chart of accounts is the owner's equity division.

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The first digit of account numbers for accounts in the owner's equity ledger division is 3.

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The last two digits in a 3-digit account number indicate the general ledger division of the account.  

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When adding a new expense account between accounts numbered 510-520, the new account is assigned the account number 515.

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TechKnow Consulting arranges expense accounts in chronological order in its general ledger.

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The two steps for opening an account are writing the account title and recording the balance.

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Posting sorts journal entries so that all debits and credits affecting each account are brough together in one place.  

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• False