Transferring entries from journal to ledger account is commonly known as Posting. Posting refers to the process of transferring entries in the journal into the accounts in the ledger. Posting to the ledger is the classifying phase of accounting.
An 'account' records the ______ in the balance of an item
An 'account' records the Increase or decrease in the balance of an item. An account is an individual accounting record of increase and decrease in a specific asset, liability or stockholders equity item.
_____ will be credited if goods are given as charity
Purchases will be credited if goods are given as charity. When accounting for goods given as charity, purchases are reduced with the exact cost of goods contributed. The amount is reduced from purchases in the trading account. It is shown as an expense on the debit side of the income statement.
Which of the following is known as the base for preparing trial balance?
Ledger account is known as the base for preparing trial balance. The trial balance can then be prepared by listing each closing balance from the general ledger accounts as either a debit or a credit balance.