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The chart of accounts for the Miguel Company includes the following: Account Name Account Number Cash 11 Accounts Receivable 13 Prepaid Insurance 15 Accounts Payable 21 Unearned Revenue 24 Common Stock 31 Dividends 32 Fees Earned 41 Salaries Expense 54 Rent Expense 56 Page 5 of the journal contains the following transaction: Description Post. Ref. Debit Credit Salaries Expense 525 Cash 525 What is the posting reference that will be found in the salaries expense account

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Answer:

In the salary expense account, the posting reference that will be found is Cash 11.

Explanation:

This posting reference shows that the contra entry was made in the Cash account which has a reference number of 11.  The Posting Reference is a field that facilitates cross-referencing (showing the other account involved in the transaction) or interlinking between the journal and the ledger in the posting process. Posting reference columns are present in both the journal and the ledger. It is also known as the Folio.  This is because with the double entry system of accounting, each transaction must reflect at least two accounts that are affected on the debit side and the credit side.

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