15. The account number is entered as the last step in posting the amounts from the journal to the ledger. What is the advantage of this step? 16. Journalize the following business transactions. a. Wes Lee invests $7,000 cash in the business. b. Insurance of $800 is paid for the year. c. Supplies of $2,000 are purchased on account. d. Cash of $8,500 is received for services performed. 17. a. What is a ledger? b. What is a chart of accounts and why is it important? 18. What is a trial balance and what are its purposes? 19. Victor Grimm is confused about how accounting information flows through the accounting system. He believes the flow of information is as follows. a. Debits and credits posted to the ledger. b. Business transaction occurs. c. Information entered in the journal. d. Financial statements are prepared. e. Trial balance is prepared. Is Victor correct? If not, indicate to Victor the proper flow of the information. 20. Two students are discussing the use of a trial balance. They wonder whether the following errors, each considered separately, would prevent the trial balance from balaneing. a. The bookkeeper debited Cash for $600 and credited Salaries and Wages Expense for $600 for payment of wages. b. Cash collected on account was debited to Cash for $800 and Service Revenue was credited for $80. What would you tell them? 21. What are the normal balances for Apple's Cash. Accounts Payable, and Interest Expense accounts