Ian Buys a Cell Phone in Jiffy Mart,using the Means

question 1

Multiple Choice

Ian buys a cell phone in Jiffy Mart,using the means that accounts for more retail payments than any other. This means of payment is

• A)a commercial check.
• B)a debit card.
• C)a personal check.
• D)cash.

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Definitions:

Posting Process

In accounting, this is the step where transactions are transferred from the journal to the respective accounts in the ledger, updating the account balances.

Trial Balance

A worksheet in bookkeeping that assembles the balances from each ledger into corresponding totals in debit and credit categories.

Journal Entry

A record in accounting that documents a business transaction in the general ledger, involving at least two accounts.

Land Purchase

The act of acquiring property in the form of land, often for commercial or residential development.