17) Posting is the process of transferring information from the journal to the trial balance.

 

18) Posting is the process of entering amounts in the journal.

 

19) The process of transferring the data from the journal to the ledger accounts is called posting.

 

20) A running balance is maintained in the ledger after each transaction is posted.

 

21) Post the following transactions to the ledger of Jason Company. The partial chart of accounts of Jason Company is as follows:

111 Cash

121 Equipment

211 Accounts Payable

311 Jason, Capital

 

GENERAL JOURNALPage 1

Date

 

Acct. Titles and Description

PR

Debit

Credit

April

1

Cash

 

14,000

 

 

 

  Jason, Capital

 

 

14,000

 

 

    Cash investment

 

 

 

 

 

 

 

 

 

April

5

Equipment

 

4,000

 

 

 

  Cash

 

 

1,000

 

 

    Accounts Payable

 

 

3,000

 

 

      Purchased equipment

 

 

 

 

CashAccount 111

Date

 

Explanation

PR

Debit

Credit

Debit

Balance

Credit Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EquipmentAccount 121

Date

 

Explanation

PR

Debit

Credit

Debit

Balance

Credit Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts PayableAccount 211

Date

 

Explanation

PR

Debit

Credit

Debit

Balance

Credit Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jason, CapitalAccount 311

Date

 

Explanation

PR

Debit

Credit

Debit

Balance

Credit Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



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