The principal purpose of posting is to O help identify errors made in the journal. enter transactions directly into the ledger. help determine if the financial statements are ready to be prepared. O accumulate the effects of journalized transactions in the individual accounts. Novak Corp. purchased equipment for $56400, paying cash of $6000 and signing a note payable for the balance due. This transaction O increases assets, liabilities and stockholder's equity. O increases assets and liabilities; decreases stockholders' equity. increases assets and liabilities. has no effect on the basic accounting equation