The Post Reference Columns Are Used to Trace Transactions from the Journal

question 108

Multiple Choice

The post reference columns are used to trace transactions from the journal to the accounts. What will be posted on the post reference column of (a) the journal and (b) on the account?

• A) (a) the amount of the debit or credit (b) the journal page number
• B) (a) the journal page number (b) the date of the transaction
• C) (a) the journal page number, (b) the account number
• D) (a) the account number, (b) the journal page number

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Definitions:

Partially Performed

Refers to a contract or agreement that has been started but not completed, fulfilling some but not all obligations.

Adequacy of Consideration

A legal principle assessing whether the value exchanged in a contract is reasonable and fair to both parties.

Breach-of-Contract

An act of breaking the terms set out in a contract, which can lead to legal consequences and damages.

Preexisting Duty Rule

A legal principle stating that performing a duty that one is already legally obligated to do is not sufficient consideration for a new contract.