Asked by
Demetrius McBride
on Nov 18, 2024
Verified
The process of transferring the debits and credits from the journal entries to the accounts is known as posting.
Posting
The process of transferring the debits and credits from the journal entries to the accounts.
Journal Entries
An accounting action recorded through the logging of debits and credits across accounts, forming the basis for building financial statements and tracking financial transactions.
Debits And Credits
The two sides of accounts in double-entry bookkeeping; debits represent increases in assets or expenses and decreases in liabilities or equity, while credits do the inverse.
- Identify the methodology and importance of recording journal entries into accounts.
Verified Answer
KM
Learning Objectives
- Identify the methodology and importance of recording journal entries into accounts.