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Closing entry need to be?
Closing entries should be journalized and posted. They are entered in the general journal, as well as posted in the general ledger.
Cash loaned to the company by a shareholder would be posted to the what Journal before being posted to the General Ledger.?
Cash
Are individual amounts in the purchases journal posted to the general ledger during the month?
3
Can financial statements be prepared directly from the adjusted trial balance?
Yes, adjusting entries have been recorded in the general journal and posted to the ledger accounts.
What entry do you make in the post reference column of the ledger to show that you posted the transactions from the journal?
The "Post Reference" or PR is used ona Ledger to lead you back to the original transaction by identifying the Journal and the page in the Journal. Example - GJ1 = General Journal, page 1. On a Journal the PR can be used to identify the account number used from the chart of accounts
Closing entry need to be?
Closing entries should be journalized and posted. They are entered in the general journal, as well as posted in the general ledger.
Cash loaned to the company by a shareholder would be posted to the what Journal before being posted to the General Ledger.?
Cash
Are individual amounts in the purchases journal posted to the general ledger during the month?
3
Can financial statements be prepared directly from the adjusted trial balance?
Yes, adjusting entries have been recorded in the general journal and posted to the ledger accounts.
What entry do you make in the post reference column of the ledger to show that you posted the transactions from the journal?
The "Post Reference" or PR is used ona Ledger to lead you back to the original transaction by identifying the Journal and the page in the Journal. Example - GJ1 = General Journal, page 1. On a Journal the PR can be used to identify the account number used from the chart of accounts
Why are number under the column totals in the journal important?
These numbers are important because they verify that the information in that journal column has been posted to the corresponding ledger account.
Why a cashbook is called Journalised ledger?
Cash book is a journal because the transactions are recorded in it for the first time from the source of document and from journal these transactions are posted to the respective account in the ledger. We can say cash book is a ledger also in the sense that it serves the purpose of cash account also.As such cash book is journal as well as ledger, and hence it may call journalised ledger.
What are the accounting journal entries to record an overcharged cost that was posted to an expense purchase to Accounts Payable and was paid at a later date?
general journal
Are closing entries posted to the general ledger?
yes
How entries are posted from general ledger to trial balance?
Extract of head of account wise debit balance or credit balance from the general ledger has to be posted in the trial balance.
How is a ledger or account book is maintained?
When a transaction occurs, a journal entry is made coinciding with this transaction. Later these transactions are posted from the journal to the ledger, then a trial balance is made to insure that the accounts are accurate and "balance".
What relationship between the journal and the ledger?
Both the Journal and the Ledger are the two most important books used under the Double Entry System of "Book-Keeping". The relationship between the "Journal & Ledger" could be expressed as follows: Journal is the book of first or original entry - since all the Business Transactions are recorded first of all in the "Journal". While the "Ledger" is the book of second entry - since the transactions are "Posted" to the "Ledger" from the Journal. The Journal records tranasactions in "Chronological order", while the Ledger records the transactions in analytical order. The Journal is more reliable than Ledger since it is the book in which the entry is entered first. The process of recording transations is termed as "Journalising" while the process of recording transactions in the Ledger is called as "Posting". Ramesh Kutumbaka
