Posting to the General Ledger

A schedule that contains all accounts needed to prepare financial statements (p. 94)

• General Journal

• General Ledger

• All Sales Invoices

• Source Documents

The number assigned to an account (p. 94)

• account number

• invoice number

• posting number

• Journal page number

A ledger is a (p. 94)

• group of accounts

• form to enter transactions in chronological order

• business paper from which information is obtained for an entry

• a document used to record sales

The procedure for arranging accounts in the general ledger, assigning numbers, and keeping records current. (p. 95)

• posting

• journaling

• file maintenance

• proving cash

Writing an account title and a number on the heading of an account. (p. 96)

• journaling

• opening an account

• posting

• correcting entry

Transferring information from a journal entry to a ledger account (p. 98)

• journaling

• posting

• file maintenance

• correcting entry

Determining that the amount of cash agrees with the balance of the Cash account in the accounting records (p. 107)

• posting

• file maintenance

• correcting entry

• proving cash

An additional journal entry made to correct an incorrect journal entry (p. 109)

• file maintenance

• opening an account

• proving cash

• correcting entry

There are 4 steps in posting an amount from the debit column of a general journal (p. 98)

• True

• False

If a credit is posted to a liability account, the amount of the credit (p. 99)

• will be added to the previous account balance to determine the new credit balance

• will be subtracted from the previous account balance to determine the new credit balance

• will be added to the previous account balance to determine the new debit balance

• will be subtracted from the previous account balance to determine the new debit balance