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Posting the Closing Entries a. What is written in the Description column of the general
Chapter 20, Problem 2(choose chapter or problem)
Posting the Closing Entries
a. What is written in the Description column of the general ledger account as the closing entries are posted?
b. What is entered in the Posting Reference column of the general ledger account?
Questions & Answers
QUESTION:
Posting the Closing Entries
a. What is written in the Description column of the general ledger account as the closing entries are posted?
b. What is entered in the Posting Reference column of the general ledger account?
ANSWER:Step 1 of 3
Posting of closing entries means the closing entries are posted to the corresponding ledger accounts to transfer the final account balances to the post-closing trial balance. The post-closing trial balance accounts and balances are then transferred to the balance sheet.