Question

The purpose of posting is to A. list the transactions in chronological order in the journal. B. provide an explanation of the transaction. C. update the account balances in the ledger. D. correct a previous entry.

Answer 1

The correct answer is
C. update the account balances in the ledger.

Here, the word posting is used in its economic meaning which means what you wrote under C. It's not posting like when you post on facebook or similar. Updating the balance in the ledger is of extreme importance for avoiding problems with the law of avoiding things like bankruptcy.

Answer 2

I think the answer is C. update the account balances in the ledger.