The chart of accounts for Miguel Corporation includes the following: On journal page 3, the following transaction was found:
What are the posting references that will be found in the journal entry?
A) 41 and 11, respectively
B) 3 only
C) 11 and 41, respectively
D) 11 and 32, respectively

Question

The chart of accounts for Miguel Corporation includes the following:  On journal page 3, the following transaction was found:
 What are the posting references that will be found in the journal entry?
A) 41 and 11, respectively 
B) 3 only 
C) 11 and 41, respectively 
D) 11 and 32, respectively

Quizplus · Accepted Answer

The posting reference for the debit will be 11, indicating a posting to Accounts Receivable, while the posting reference for the credit will be 41, indicating a posting to Sales Revenue.

The Chart of Accounts for Miguel Corporation Includes the Following