Balance Column Format: Balance column format is a special type of T-accounts that is prepared to show the ledger postings from the journal entries in a more sophisticated manner. The essence of this system is after every transaction, the immediate ledger balance can be made available. A journal records a transaction by debiting one account and giving credit to another account. All the transactions affecting the business entity are passed through the journal recording. To Open: A ledger accounts for cash in balance column format and posts the journal entries therein.

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Chapter 2, Problem 10E

To determine

Balance Column Format:

Balance column format is a special type of T-accounts that is prepared to show the ledger postings from the journal entries in a more sophisticated manner. The essence of this system is after every transaction, the immediate ledger balance can be made available. A journal records a transaction by debiting one account and giving credit to another account. All the transactions affecting the business entity are passed through the journal recording.

To Open:

A ledger accounts for cash in balance column format and posts the journal entries therein.

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