The balance column in a ledger account is:
A)An account entered on the balance sheet.
B)A column for showing the balance of the account after each entry is posted.
C)Another name for the withdrawals account.
D)An account used to record the transfers of assets from a business to its owner.
E)A simple form of account that is widely used in accounting to illustrate the debits and credits required in recording a transaction.

Question

Quizplus · Accepted Answer

The balance column in a ledger account is used for showing the balance of the account after each entry is posted. It is used to keep track of the account's balance and to ensure that it is always accurate. It is not an account entered on the balance sheet, not another name for the withdrawals account, not an account used to record the transfers of assets from a business to its owner, and not a simple form of account.

The Balance Column in a Ledger Account Is