The McGowan Group Wants to Know the Value of Its

question 3

True/False

The McGowan Group wants to know the value of its owners' equity. It will total its assets and subtract its liabilities.

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Definitions:

Posting Process

The procedure of transferring journal entry amounts to their respective accounts in the ledger.

Debit Posted

An accounting entry that increases an asset or expense account, or decreases a liability or equity account, reflected on the left side of an account.

Credit Posted

The process of recording a credit transaction in the accounting records, indicating an increase in liabilities or a decrease in assets.

General Ledger

The primary accounting record of a company that uses double-entry bookkeeping, summarizing all transactions.