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The information below relates to the Cash account in the ledger of Robertson Company.
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∙ 13y ago
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What is the cash account in a company's ledger?
The cash account in the company's ledger is Bank.
Are the cash account and bank account in the general ledger the same or two separate accounts?
The cash account and bank account in the general ledger are not the same. They are usually two separate accounts that represent different transactions. If they were to be the same account there would be confusion for instance when banking or withdrawal of money is done.
What is the general ledger journal entry to begin a Reserve Account?
debit reserve accountcredit cash / bank
The cash account in the depositor's ledger is a?
In the depositor's ledger, its cash account is an asset with a debit balance. Account assets also includes accounts receivable and inventories.
Different account titles?
There are many different account titles in a general ledger. There are a petty cash, sick leave accrual, petty cash, equipment, buildings, land, and investments.
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.
Why are cash sales not recorded in the sales ledger control account?
a ledger account if made for credit sales.
General ledger account?
There are several different accounts that are used in the general ledger. Some of these accounts include cash, accounts receivable, inventory, notes payable, accounts payable, and customer deposits.
What you meant by Self balancing system?
when separate ledgers are maintained for trade debtors and trade creditors ,the debit and credit aspect of certain transactions will note appear in the same ledger Eg: in case of credit sales ,the credit aspect (Sales account) will appear in general ledger whereas the debit aspect (personal account of debtor)will appear in debtors ledger .Take another Eg.like cash discount allowed by a creditor .The credit aspect (personal account of the creditor )will appear in creditors ledger .Thus no ledger is self balancing and it is not possible to prepare a separate trial balance for each ledger .Hence in ,in order to make each ledger self -balancing it is necessary that the corresponding debit and credit aspects are fully "adjustment accounts " in each ledger . the adjustment account helps in completing the double entry in each ledger and making it self balancing . The adjustment account opens in various ledgers are; 1 ) general ledger adjustment account(in debtors ledger) 2 ) general ledger adjustment account(in creditors ledger) 3 ) debtors ledger adjustment account (in general ledger) 4 ) creditors ledger adjustment account (in general ledger)
What is gl account-?
GL stands for general ledger. This is where all the financial activity of a company is recorded. Within the GL, there are accounts. Each account houses a certain type of activity or category of assets (e.g. cash) or liabilities (e.g accounts payable).
What is cash deposit adjustment?
When you have cash deposit credit adjustment how do you post it to ledger account
How is cash cash book a both book of prime entry and ledger account?
how is cash book both a book of prime entr and an account
