Agents Do Not Own the Services or Products That They

question 8

True/False

Agents do not own the services or products that they are selling.

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Definitions:

Posting Reference Column

Part of accounting ledgers, indicating the journal page from which the transaction was posted.

General Journal

A foundational accounting document where financial transactions are initially recorded, providing a permanent record.

General Ledger

A general ledger is a complete record of all financial transactions over the life of a company.

Posting

The process of transferring information from the journal to individual accounts in the ledger, which helps in preparing financial statements.