need answers too all these questions 10 Discussion Questions 1. What is posting?

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need answers too all these questions

10 Discussion Questions 1. What is posting? 2. What is a ledger? 3. In what order are accounts arranged in the general ledger? Why? 4. What are posting references? Why are they used? 5. What is the purpose of a journal? 6. What is the value of having a description for each general journal entry? 7. What procedure is used to record an entry in the general journal? 8. What is a compound journal entry? 9. How should corrections be made in the general journal? 10. What is an audit trail? Why is it desirable to have an audit trail? 11. What is the accounting cycle? Rec journ deser

Explanation / Answer

1. Posting in accounting is when the balances in subledgers and the general journal are shifted into the general ledger. Posting only transfers the total balance in a subledger into the general ledger, not the individual transactions in the subledger

2. A general ledger account is an account or record used to sort and store balance sheet and income statement transactions. Examples of general ledger accounts include the asset accounts such as Cash,Accounts Receivable, Inventory

3. Assets - Laibilites - Owners Equity - Revenue - Expenses

4. Posting reference is a field that facilitates cross-referencing or interlinking between the journal and the ledger in the posting process

5. Journal is a first place wherre transactions are recorded. It is a synthesis of all the ledger entries

An expert is allowed to answer only 4 sub parts here. Though I have solved 5. I know you wont appreciate it but appologies. Please post again for the remainig. Thanks

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