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2 cards from this section. Quick, good the night before a test.
What is posting in accounting?
Think about moving information from one accounting record to another.
How are debits and credits recorded in the Ledger?
Remember the term 'left for debits' and 'right for credits'.
What do we call the process of transferring journal entries to the ledger?
Focus on what we do with journal entries after they are recorded.
True or False: Each credit in the journal is posted to the debit side of the respective ledger account.
Remember how debits and credits are placed in a ledger.
A company sells products worth ₹20,000 on credit and receives a cash payment of ₹5,000 immediately. Write the journal entry and show how to post to the Ledger.
Consider how to spread the sales across cash and credit.
A business incurs expenses of ₹8,000 for rent, paying ₹3,000 in cash and offering a note payable for the balance. Describe the journal entry and postings.
Break down payment into parts to cover both cash and notes payable.
4 more questions in this section. Enroll free to practise them all.
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