practice question

REVIEW QUESTIONS Short Answer Give a full answer for each question: 1. What does it mean to "post" to the general ledger? (LO1) 2. Does receiving a payment in cash increase or decrease the general bank account? How do you record ar account? How do you record a decrease? (LO1) 3. How do you characterize payment to the sole proprietor of a law firm (for example, Justin Case) to compe running the firm? (LO2) 4. What is meant by the opening balance on the ledger? What is meant by the closing balance on the ledger 5. What information gets recorded on the trial balance? (LO2) 6. How do you find and correct errors in the trial balance? 7. What are the steps involved in entering transactions in the general journal? (LO1) 8. What is the difference between a general journal and a general ledger? (Note: Journal entries are written in chronological order, not according to category; debits are always written f when writing journal entries; no balancing or tallying is done.) PRACTICE EXERCISES