Asked by Manmeet Sanger on Jul 08, 2024
Verified
What is the posting reference that will be found in the cash account?
A) 11
B) 15
C) 3
D) 13
Posting Reference
A notation that guides one from a journal entry to its corresponding ledger account, facilitating audit trails.
Cash Account
An account that records the amounts of cash available to a business at any given time.
Chart of Accounts
An organized list of all accounts used in the general ledger of an organization, serving as the foundation for its accounting system.
- Comprehend the process of journalizing and posting transactions in the ledger.
Verified Answer
ZK
Zybrea KnightJul 09, 2024
Final Answer :
C
Explanation :
The posting reference in the cash account typically corresponds to the ledger number where the cash account is located. In many accounting systems, "3" is commonly used as the reference for the cash account, indicating its position in the ledger.
Learning Objectives
- Comprehend the process of journalizing and posting transactions in the ledger.