The Posting Reference Columns Are Used to Trace Transactions from the Accounts

question 173

Multiple Choice

The Posting Reference columns are used to trace transactions from the accounts to the journal. What will be entered in the Posting Reference column of (1) the journal and (2) the account?

• A) (1) the amount of the debit or credit and (2) the journal page number
• B) (1) the journal page number and (2) the date of the transaction
• C) (1) the journal page number and (2) the account number
• D) (1) the account number and (2) the journal page number

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Definitions:

Concurrent Ownership

The holding of property rights by two or more parties simultaneously, often applied to real estate and implies shared interests or rights in the property.

Right to Possession

This term refers to the legal right of an individual or entity to have control over property or goods, often determined by ownership or specific legal agreements.

Tenancy by the Entireties

A form of joint property ownership available only to married couples, where both own the entire property and one cannot dispose of their share without the other's consent.

Tenancy in Common

A form of co-ownership where each owner possesses a specific fraction of the property and can transfer their share independently.