Following are several general journal entries of the House Corporation
Following are several general journal entries of the House Corporation during a recent month. Journal entry descriptions have been omitted:
Following are the account numbers and Januarary 1 balances of the accounts affected by the listed journal entries:
Required:
(a) Prepare a T-account for each of the accounts affected by the general journal entries listed for the House Corporation. Enter the January 1 balance in each of these accounts.
(b) Post the journal entries to the appropriate accounts.
(c) Determine the balance of each of the accounts after the transactions have been posted.
(d) What is the purpose of posting general journal entries to general ledger accounts?
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