SAT

The first and most important step in the posting procedure isA. posting the amount.B. posting the date.C. posting the explanation.D. recording the posting reference information.info for # 9The following activity for J. C. Breneman Management Services took place on June 1, 20. Record these transactions on the journal form provided on the next page.Received $3,290 in cash from the owner as an investment (receipt no. 1). Borrowed $900 cash from Inland Bank for business expenses (memo 1). Paid cash for supplies, $290 (check no. 1).Paid cash for insurance, $1,000 (check no. 2).Paid cash for equipment, $2,100 (memo 2).#9. The amounts that increase the Cash account are entered inA. the Debit column.B. the Credit column.C. both Debit and Credit columns. D. either Debits or Credit columns.Use the following information to answer questions 1120.Using the form below, prepare a chart of accounts for J. C. Breneman Management Services. Then post the journal entries from the general journal on page 7 to the ledger accounts provided on the following pages.Division 1 Division 2 Division 31. ASSETSJ. C. BRENEMAN MANAGEMENT SERVICES CHART OF ACCOUNTSAsset AccountsLiability Accounts Owner's Equity Accounts2. LIABILITIES11-19 21-29 31-393. OWNER'S EQUITYACCOUNT Cash ACCOUNT NO. 11DATEITEMP.R.DEBITDATEITEMP.R.CREDIT11. What is the first account number used in the Breneman Management Service Chart of Accounts?A. 1 C. 11 B. 21 D. 1013. What is the account title used for owners equity?A. J.C.Breneman,CapitalB. J.C.Breneman,OwnerC. Breneman Management Service, Capital D. CapitalC. 2 D. 0214. The account number 13 tells you that the accountA. is the 13th account in the ledger.B. is the first account in the third division.C. is the third account in the first division.D. was posted on the 13th day of the month.18. The first step in posting either a debit or a credit entry from the journal to the ledger is to transfer theA. amount. C. account number. B. explanation. D. date.19. After posting the entries from the journal, the Breneman Management Service Ledger should have at least one debit entry in how many accounts?A. 4 C. 6 B. 5 D. 920. After posting the entries from the journal, the Breneman Management Service Ledger should have at least one credit entry in how many accounts?A. 2 C. 4 B. 3 D. 5