Hello, I am taking an accounting class and the questions states "post to the accounts and keep a running bakance for each account" the question gives a page number to refer to but it does not provide any guidance. What does these means??
Thanks
I'm in accounting too, and if it doesn't give you any numbers to post to the accounts, I have no idea what your going to post it.
Maybe you should try to look around to see if it shows you any numbers.
Without seeing your textbook, how could we know?
Sra
If your posting something, it would be posting it to the general ledgers.
There would be text that tells you what to post onto there.
Example:
1. Received 18,000 Cash for sales of common stock
The journal entry would be
Debit Cash 18,000
Credit Common Stock 18,000
Then you probably would have to make a T-account for it if the directions tell you to.
Hello! When an accounting question asks you to "post to the accounts and keep a running balance for each account," it means that you need to record the transactions in the appropriate accounts in the general ledger and update the balance of each account as you go along.
To accomplish this task, you would typically follow these steps:
1. Start by referring to the page number provided. This will guide you to the relevant page in your accounting textbook or any other reference material that contains the account names and their format.
2. Identify the accounts associated with the transactions provided in the question. For example, if a transaction involves cash, you would look for the "Cash" account in the general ledger.
3. Next, record the transactions in the respective accounts. This involves making journal entries, which consist of the date, the account(s) affected, a brief description, and the amounts.
4. After posting the transaction, you need to update the running balance for each account. The balance reflects the effect of all previous transactions on the account. If the account has a debit balance, add the transaction amount; if it has a credit balance, subtract the transaction amount. This will give you the updated balance.
5. Repeat these steps for each transaction, posting them to the appropriate accounts and updating the running balance for each.
By following these steps, you should be able to complete the task of posting to the accounts and maintaining a running balance for each account. If you need further clarification or assistance, feel free to ask!