Indicate whether each of the following statements is true or false
a)________ The general ledger is often called the book of original entry.b)________ Transactions are first recorded in the journal and then transferred to the ledger.c)________ The process of making entries into a journal is called posting.d)________ The general ledger is an example of a source document.e)________ The list of a business's ledger accounts, and their account numbers is called a chart of accounts.

Question

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b)True c)False d)False e)T. After transactions are initially recorded in a journal, the dollar amounts of each debit and credit are copied into the ledger accounts through a process called posting.d)This is false. To simplify recordkeeping, businesses rely on source documents, such as cash register tapes, invoices, timecards, check registers, and deposit tickets. Data from source documents are initially recorded in journals and then they are entered into ledger accounts in the general ledger.e)This is true. The chart of accounts is a list of all ledger accounts and their account numbers.

Indicate Whether Each of the Following Statements Is True or False