When Posting a Journal Entry to the Ledger,transfer

question 53

Multiple Choice

When posting a journal entry to the ledger,transfer:

• A)the dollar amount of debits in the journal entry to the appropriate accounts.
• B)the dollar amounts of credits in the journal entry to the appropriate accounts.
• C)the name of the person who prepared the journal entry.
• D)A and B.

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Definitions:

Surplus

An excess of revenues over expenses in a budget, or an excess of goods or materials than what is needed.

Price Floor

A government-imposed minimum price that can be charged for a good or service, aimed at preventing prices from falling too low.

Quantity Supplied

Refers to the amount of a good or service that producers are willing to sell at a given price over a specific period.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price.