A Column in Journals and Ledger Accounts That Is Used

question 7

Multiple Choice

A column in journals and ledger accounts that is used to cross reference journal and ledger entries is the:

• A) Debit column.
• B) Credit column.
• C) Account balance column.
• D) Description column.
• E) Posting reference column.

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Definitions:

Article 4A

Part of the Uniform Commercial Code that governs the transfer of funds initiated through electronic means by banks and other financial institutions.

Check Clearing

The process by which banks validate and process checks transactions to transfer funds from the payer's to the payee's account.

21st Century Act

Legislation aimed at addressing contemporary issues and needs, often involving technology, healthcare, or economic reforms. (Note: This term is broad and could refer to specific acts in different jurisdictions; without more context, this definition remains general.)

Drawer's Incompetence

Refers to a situation where the person who has written a check (the drawer) is legally unable to enter into a contract, making the check potentially invalid.