Quiz 3 100 percent - 1. The principle purpose of posting is...

1. The principle purpose of posting is to
Answer
help identify errors made in the journal.
accumulate the effects of journalized transactions in the individual accounts.
enter transactions directly into the ledger.
help determine if the financial statements are ready to be prepared.
1. During February 2010, its first month of operations, the owner of Schwenn
Enterprises invested cash of $25,000. Schwenn had cash sales of $4,000
and paid expenses of $7,000. Assuming no other transactions impacted the
cash account, what is the balance in Cash at February 28?
1. Which of the following describes the classification and normal balance of
the Unearned Revenue account?
1. Which of the following describes the classification and normal balance of
the Retained Earnings account?