Final Review 5

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A journal is like a diary of a business because it is the only place where complete details of a transaction are recorded.

If an error is discovered immediately after journalizing, a single ruling should be placed through the incorrect data and the correct information should be written above it.

Every posting requires the year, month, and day to be entered in the Date column of the ledger account for every transaction.

The title of the account to be credited is indented from the left edge of the Description column so it can be easily distinguished from the debit part of the transaction.

Dollar signs, commas, and decimals are not used when entering amounts in the journal.

A credit posting to the Office Equipment account will result in an increase to that account.

The notation G3 in the Posting Reference column of a ledger account indicates the data was posted from general journal page 3.

How often posting occurs depends on the size of the business, the number of transactions, and whether posting is done manually or electronically.