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Please answer the following in your own words. 1. What’s is posting is and how does...

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Question

Accounting

Please answer the following in your own words.

1. What’s is posting is and how does it help in the recordingprocess

2. What ‘s a trial balance and its purpose

3. What are the limitations of a trial balance

4. What is the normal balance for the assets, owner’s drawingsand expenses accounts

5. What is the normal balance for the liabilities, owner’scapital and revenues accounts

Answer & Explanation Solved by verified expert
4.4 Ratings (954 Votes)
solution 1 posting in accounting is also stated as ledger posting Posting is the process of recording amount on debit and credit side of account of each transaction In posting we prepare account of each item and post transactions related to that account under one head for example all cash    See Answer
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