Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means
A) all of the information from the journal was correctly transferred to the ledger
B) all accounts have their correct balances in the ledger
C) only the journal is accurate; the ledger may be incorrect
D) only that the debit dollar amounts equal the credit dollar amounts

Question

Quizplus · Accepted Answer

The statement only refers to the equality of debit and credit amounts, which means that the total amount owed (debits) is equal to the total amount owned (credits). It does not necessarily guarantee the accuracy of individual account balances or the correctness of information transferred from the journal to the ledger.

Proof That the Dollar Amount of the Debits Equals the Dollar