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 owner(s).
E) A simple form of account that is widely used in accounting to illustrate the debits and credits
required in recording a transaction.
B) A column for showing the balance of the account after each entry is posted.
You might also like to view...
Mitchell Company prepares monthly financial statements and will record.a prepaid account for each of the following except:
a. Mitchell paid for three months of window washing services in advance. b. Mitchell purchases a four-year casualty insurance policy. c. A tenant that pays Mitchell for six months of rent in advance. d. Mitchell purchases office supplies to last for several months.
Community property will consist of
A) all property owned by the husband or the wife. B) property acquired during the marriage by the joint efforts of the husband and wife. C) property acquired before the marriage by the independent efforts of the husband or wife. D) all property held in tenancy in common.
What are the implications of the trends of points in a scatter diagram?
Explain how the equity section of a balance sheet differs among sole proprietorships, partnerships, and corporations.
What will be an ideal response?