Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means a. all accounts have their correct balances in the ledger b. all of the information from the journal was correctly transferred to the ledger c. only that the debit dollar amounts equal the credit dollar amounts d. only the journal is accurate; the ledger may be incorrect

Question

Business

Saul Hancock

10 January, 09:15

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means a. all accounts have their correct balances in the ledger b. all of the information from the journal was correctly transferred to the ledger c. only that the debit dollar amounts equal the credit dollar amounts d. only the journal is accurate; the ledger may be incorrect

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Peterson · Answer 1

c. only that the debit dollar amounts equal the credit dollar amounts

Explanation:

For recording the business transactions, the first step is journalizing through recording. After that we post these to their respective account which we called ledger accounts.

The motive of recording the business transactions is to equate the debit and credit sections as per the double accounting through which the financial statements should be verified, and correct in all aspects.