Which of the following statements is true?
A) If a debit entry is made to an account in the general journal, the same account will receive a credit entry when the amount is posted to the general ledger.
B) If all transactions are correctly posted to the general ledger, the sum of the accounts with debit balances should be equal to the sum of the accounts with credit balances.
C) Posting occurs when numbers in the general ledger accounts are transferred to the general journal.
D) If the sum of the debit balances equals the sum of the credit balances then there were no mistakes made in the posting process.

Question

Quizplus · Accepted Answer

This is known as the trial balance, and it is used to ensure that the double-entry accounting system is being properly followed. If the sum of the debit balances is not equal to the sum of the credit balances, then there is an error in the posting process that needs to be corrected. Option A refers to the principle of double entry accounting, Option C describes the opposite of posting, and Option D is only true if there are no errors.

Which of the Following Statements Is True