1. Posting - transferring information from a journal to a ledger, The purpose of posting is to

A) list the transactions in chronological order in the journal.

B) provide an explanation of the transaction.

C) update the account balances in the ledger.

D) correct a previous entry.

2. Ryan journalized and posted an entry for $2,000 debit to Cash; and $2,000 credit to Service Fees. The correct amount on the billing was $200. The entry to correct this error is

A) debit Cash, $1,800; credit Service Fees, $1,800.

B) debit Service Fees, $1,800; credit Cash, $1,800.

C) debit Service Fees, $2,800; credit Cash, $2,000.

D) debit Service Fees, $200; credit Cash, $200

3. As Withdrawals increase,

A) Owner's Equity decreases.

B) Owner's Equity increases.

C) Cash increases.

D) Expense increases.

4.Residual value is the

A) estimated value of the asset when it is purchased.

B) estimated value of the asset at the end of its useful life.

C) cost of the asset.

D) allocation of the cost.