Asked by Nathan Seifner on Jun 24, 2024
Verified
The balance column in a ledger account is:
A) An account entered on the balance sheet.
B) A column for showing the balance of the account after each entry is posted.
C) Another name for the dividends account.
D) An account used to record the transfers of assets from a business to its stockholders.
E) A simple form of account that is widely used in accounting to illustrate the debits and credits required in recording a transaction.
Ledger Account
A record in the ledger that contains the financial information of a specific account, showing all the changes in that account.
Balance Column
A column in ledgers or financial statements showing the difference between debits and credits.
Account Entry
An accounting record that logs a financial transaction in the books of accounts, impacting the balance sheet and/or income statement.
- Understand the process of posting from the general journal to the ledger accounts.
Verified Answer
GS
Gursharan SinghJun 27, 2024
Final Answer :
B
Explanation :
The balance column in a ledger account is a column that shows the balance of the account after each entry is posted. This is important for keeping track of the running balance of the account and ensuring that it remains accurate. The other options listed are not accurate definitions of the balance column.
Learning Objectives
- Understand the process of posting from the general journal to the ledger accounts.