Question

The chart of accounts for the Miguel Company includes the following: Account Name Account Number Cash 11 Accounts Receivable 13 Prepaid Insurance 15 Accounts Payable 21 Unearned Revenue 24 Common Stock 31 Dividends 32 Fees Earned 41 Salaries Expense 54 Rent Expense 56 Page 5 of the journal contains the following transaction: Salaries Expense 525 Cash 525 What is the posting reference that will be found in the salaries expense account? 54 21 5 11

Answer 1

Answer:

Miguel Company

Posting Reference:

In the Salaries Expense account, the posting reference will be 11.

This is the Account Number of Cash Account.

Explanation:

Posting reference is a field that facilitates cross-referencing or interlinking between the journal and the ledger in the posting process.  Posting reference columns are present in both the journal and the ledger, and it is also known as the Folio.

The posting reference column is a column in the general journal indicates that entries have been posted to the ledger accounts.