The Posting References in the Following Revenue Journal Are Indicated $~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$

question 88

Essay

The posting references in the following revenue journal are indicated by letters. Identify each posting reference [
(a) through
(h)] as representing
(1) a posting to a general ledger account,
(2) a posting to a subsidiary ledger account, or
(3) that no posting is required. $~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$ REVENUE JOURNAL $~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$ Page 25
$\begin{array}{c}\hline&&&Post&Acct.~Rec.~Dr.\\\text { Date } & \text { Invoice No. } & \text { Account Debited } & \text { Ref. } & \text { Fees Earned } \mathrm{Cr} \\\hline \text { Apr. } 3 & 190 & \text { Hill Company } & \text { (a) } & 4,750 \\8 & 191 & \text { North Supply } & \text { (b) } & 5,025 \\13 & 192 & \text { Macon Inc. } & \text { (c) } & 2,100 \\17 & 193 & \text { White Products } & \text { (d) } & 6,000 \\25 & 194 & \text { Easton Supply } & \text { (e) } & 2,250 \\30 & 195 & \text { Karson Enterprises } & \text { (f) } & 3,750 \\30 & & & & \underline{\textbf{23,875}} \\&&&&(g)(h)\end{array}$

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Definitions:

Taxes

Mandatory fiscal contributions or other forms of levies required from taxpayers by governmental bodies to support government expenditures and diverse public costs.

Regressive Tax

A tax system where the tax rate decreases as the taxable amount increases, placing a higher relative burden on lower-income earners.

Excise Tax

A tax levied on the manufacture, sale, or consumption of certain products or activities, often specific to certain goods like tobacco, alcohol, and fuel.

Deadweight Loss

The loss of economic efficiency that can occur when the free market equilibrium for a good or a service is not achieved.