When the Amount for an Entry on the Left Column

question 166

Multiple Choice

When the amount for an entry on the left column in a journal is transferred to a specific account in the general ledger,which of the following must it be posted as?

• A) debit to the account in the general ledger
• B) credit to the account in the general ledger
• C) total amount, without regard to debit or credit
• D) decrease to the account in the general ledger

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Definitions:

Prenuptial Agreements

Legal contracts entered into before marriage, outlining the division of assets should the marriage end in divorce.

Statute of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by the parties involved to be enforceable.

Partial Performance

The act of completing a portion of the obligations outlined in a contract, often considered in legal disputes about contract enforcement.

Respondeat Superior

A rule of law which makes an employer or principal accountable for an employee's or agent's wrongful actions, provided those actions were performed during the course of their employment or agency.