The chart of accounts for Miguel Company includes the following:? Account Name Account Number Cash 11 Accounts Receivable 13 Prepaid Insurance 15 Accounts Payable 21 Unearned Revenue 24 Miguel, Capital 31 Miguel, Drawing 32 Fees Earned 41 Salaries Expense 54 Rent Expense 56 \begin{array} { | l | c | } \hline{ ext { Account Name } } & ext { Account Number } \\hline ext { Cash } & 11 \\hline ext { Accounts Receivable } & 13 \\hline ext { Prepaid Insurance } & 15 \\hline ext { Accounts Payable } & 21 \\hline ext { Unearned Revenue } & 24 \\hline ext { Miguel, Capital } & 31 \\hline ext { Miguel, Drawing } & 32 \\hline ext { Fees Earned } & 41 \\hline ext { Salaries Expense } & 54 \\hline ext { Rent Expense } & 56 \\hline\end{array} Account Name Cash Accounts Receivable Prepaid Insurance Accounts Payable Unearned Revenue Miguel, Capital Miguel, Drawing Fees Earned Salaries Expense Rent Expense Account Number 11 13 15 21 24 31 32 41 54 56 Page 5 of the journal contains the following transaction:? Sal aries Expense 525 Cash 525 \begin{array} { | c | r | r | } \hline ext { Sal aries Expense } & 525 & \\hline ext { Cash } & & 525 \\hline\end{array} Sal aries Expense Cash 525 525 What is the posting reference that will be found in the salaries expense account?A) 5B) 11C) 54D) 21

Question

The chart of accounts for Miguel Company includes the following:?    Account Name   Account Number   Cash  11  Accounts Receivable  13  Prepaid Insurance  15  Accounts Payable  21  Unearned Revenue  24  Miguel, Capital  31  Miguel, Drawing  32  Fees Earned  41  Salaries Expense  54  Rent Expense  56 \begin{array} { | l | c | } \hline{ 	ext { Account Name } }  &  	ext { Account Number } \\hline 	ext { Cash }  &  11 \\hline 	ext { Accounts Receivable }  &  13 \\hline 	ext { Prepaid Insurance }  &  15 \\hline 	ext { Accounts Payable }  &  21 \\hline 	ext { Unearned Revenue }  &  24 \\hline 	ext { Miguel, Capital }  &  31 \\hline 	ext { Miguel, Drawing }  &  32 \\hline 	ext { Fees Earned }  &  41 \\hline 	ext { Salaries Expense }  &  54 \\hline 	ext { Rent Expense }  &  56 \\hline\end{array}  Account Name   Cash   Accounts Receivable   Prepaid Insurance   Accounts Payable   Unearned Revenue   Miguel, Capital   Miguel, Drawing   Fees Earned   Salaries Expense   Rent Expense  ​  Account Number  11 13 15 21 24 31 32 41 54 56 ​ ​   Page 5 of the journal contains the following transaction:?    Sal aries Expense  525  Cash  525 \begin{array} { | c | r | r | } \hline 	ext { Sal aries Expense }  &  525  &  \\hline 	ext { Cash }  &   &  525 \\hline\end{array}  Sal aries Expense   Cash  ​ 525 ​ 525 ​ ​   What is the posting reference that will be found in the salaries expense account?A)  5B)  11C)  54D)  21

Lochie Hadley · Accepted Answer

Final Answer : A, Explanation :  The posting reference in the salaries expense account refers to the page number of the journal where the transaction is recorded, which is page 5 in this case.

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