Which of the following statements regarding posting and classification is correct?
A) Posting journal entries involves copying the dollar amounts from the ledger into the journal.
B) If a $100 debit is erroneously posted to an account as a $100 credit,the accounts will be out of balance by $100.
C) If a $5,000 credit to a stockholders' equity account is misclassified as a $5,000 credit to a liability,the accounting equation will still balance.
D) If a purchase of supplies on account for $100 is recorded with a debit to Supplies of $10 and a credit to Accounts Payable for $10,the accounting equation will not balance.
Correct Answer:
Verified
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