True or False

41. A general journal entry usually includes information about the date of a transaction, titles of affected accounts, dollar amount of each debit and credit and an explanation of the transaction.

42. Posting is the process of copying the debit and credit amounts from a journal to the ledger accounts.

43. Since all figures are eventually posted to the ledger, the posting reference column in a journal is not necessary.

44. An abnormal balance in an account refers to a balance on the side where decreases are recorded. 45. The trial balance is a list of the accounts that have balances in the ledger.

46. A trial balance that is in balance is proof that no errors were made in journalizing the transactions, posting to the ledger, and preparing the trial balance.

47. If an account was incorrectly debited for $300 instead of correctly credited for $300, the account is out of balance by $300.

48. If an error is discovered in either the journal or the ledger, it must be corrected by erasing the incorrect amount and entering the corrected amount.

49. The total dollar value of all debits and credits recorded in a journal entry must be equal.

50. The accounting cycle begins with analysis of economic events and recording their effects.