Multiple Choice
Which of the following statements regarding posting and classification is correct?
A) Posting journal entries involves copying the dollar amounts from the ledger into the journal.
B) If a $100 debit is erroneously posted to an account as a $100 credit,the accounts will be out of balance by $100.
C) If a $5,000 credit to a stockholders' equity account is misclassified as a $5,000 credit to a liability,the accounting equation will still balance.
D) If a purchase of supplies on account for $100 is recorded with a debit to Supplies of $10 and a credit to Accounts Payable for $10,the accounting equation will not balance.
Correct Answer:

Verified
Correct Answer:
Verified
Q1: All of the following would be classified
Q3: Account titles in the chart of accounts
Q4: On January 1,Kirk Corporation had total assets
Q5: Match the term with its definition.(There are
Q6: A company borrows money from a bank.The
Q7: At the start of the first year
Q8: The cost principle is used:<br>A)to refer to
Q9: For both accounts and amounts,the standard formatting
Q10: Which of the following transactions for Bill's
Q11: A current asset is one that the