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It is important to enter all the account entries: the debits and the credits.
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All of the closing entries will adjust to update that account?
all of the closing entries will adjust to update the retained earnings account.
How do you undo journal entry?
journal entries can be undone by reversing the original entries by credit the debit account and debit the credit account.
The entries in a sales journal will show?
Entries in sales journal shows all the sales company has made on credit and no other transaction is part of sales journal account.
What are the major type of errors made for accounting entries?
Not knowing all of the deductions you can have
What is provisional entry in accounts?
Provision entries are entries that are made to account for expenses that have not been accounted in the period for which it relates. Hence the provision is created by debiting the expenses and crediting the party account or liability account.
All of the closing entries will adjust to update that account?
all of the closing entries will adjust to update the retained earnings account.
What is the balance in the Cash account after you made all the entries?
c
How do you undo journal entry?
journal entries can be undone by reversing the original entries by credit the debit account and debit the credit account.
The entries in a sales journal will show?
Entries in sales journal shows all the sales company has made on credit and no other transaction is part of sales journal account.
The purpose of transferring the journal entries to the account is known as?
Posting the entries to create a Trial Balance.
What are the major type of errors made for accounting entries?
Not knowing all of the deductions you can have
What are the journal entries that bring the account up to date at the end of the accounting period called?
closing entries
What is provisional entry in accounts?
Provision entries are entries that are made to account for expenses that have not been accounted in the period for which it relates. Hence the provision is created by debiting the expenses and crediting the party account or liability account.
Will a credit entry to an account increase the balance of a revenue account?
Yes. Since revenue accounts are "credit" accounts, they are increased by credit entries and decreased by "debit" entries.
When completing ics records or documents you should follow all of the guidelines?
print or type all entries
How do you record entries using the imprest fund system?
debit all the necessary expenses credit the appropriate cash account
Entries are made to the petty cash account when?
When establishing the fund.
