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Josie Feeney has prepared the following list of statements about the general ledger. 1. The general ledger contains all the asset and liability accounts, but no stockholders’ equity accounts. 2. The general ledger is sometimes referred to as simply the ledger. 3. The accounts in the general ledger are arranged in alphabetical order. 4. Each account in the general ledger is numbered for easier identification. 5. The general ledger is a book of original entry. Instructions Identify each statement as true or false. If false, indicate how to correct the statement. Provide proper explanation

Josie Feeney has prepared the following list of statements about the general ledger. 1. The general ledger contains all the asset and liability accounts, but no stockholders’ equity accounts. 2. The general ledger is sometimes referred to as simply the ledger. 3. The accounts in the general ledger are arranged in alphabetical order. 4. Each account in the general ledger is numbered for easier identification. 5. The general ledger is a book of original entry. Instructions Identify each statement as true or false. If false, indicate how to correct the statement. Provide proper explanation

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Josie Feeney has prepared the following list of statements about the general ledger.

1. The general ledger contains all the asset and liability accounts, but no stockholders’ equity accounts.

2. The general ledger is sometimes referred to as simply the ledger.

3. The accounts in the general ledger are arranged in alphabetical order.

4. Each account in the general ledger is numbered for easier identification.

5. The general ledger is a book of original entry.

Instructions

Identify each statement as true or false. If false, indicate how to correct the statement.

Provide proper explanation

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