no.
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.
Inventory compilation is used by a company when reconciling physical inventory with perpetual inventory records and consists of the following procedures: counting the physical inventory, correctly summarizing the quantities, extend prices times quantities, and foot the extensions. Totals should agree with the amounts recorded in general ledger.
asset ledger accounts receivable ledger
If the inventory has some value then it must be entered in a new general ledger expense account and have a new contra asset account for the items. Enter the estimated value as a debit to the inventory obsolescence account and then credit it to the inventory reserve account.
General ledger is just another name given to nominal ledger. Nominal ledger is a ledger that maintains impersonal accounts like sale , purchase, capital etc.
no
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.
A control account is an account found in the general ledger such as accounts receivable,Accounts Payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are.When using a General Ledger, accounts such as Accounts Payable or Accounts Receivable are much easier to work with in the General Ledger if they have a "single" sum of all accounts, in other words.
A control account is an account found in the general ledger such as accounts receivable,Accounts Payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are.When using a General Ledger, accounts such as Accounts Payable or Accounts Receivable are much easier to work with in the General Ledger if they have a "single" sum of all accounts, in other words.
A subsidiary ledger contains the details to support a general ledger control account. A subsidiary ledger records all the detailed data for any general ledger account that has many individual subaccounts. What are some commonly used subsidiary ledgers? accounts receivable inventory accounts payable
Another name for the General Ledger is Nominal Ledger.
Inventory compilation is used by a company when reconciling physical inventory with perpetual inventory records and consists of the following procedures: counting the physical inventory, correctly summarizing the quantities, extend prices times quantities, and foot the extensions. Totals should agree with the amounts recorded in general ledger.
general ledger
what is the purpose of the ledger?
asset ledger accounts receivable ledger
If the inventory has some value then it must be entered in a new general ledger expense account and have a new contra asset account for the items. Enter the estimated value as a debit to the inventory obsolescence account and then credit it to the inventory reserve account.
Inventory compilation is used by a company when reconciling physical inventory with perpetual inventory records and consists of the following procedures: counting the physical inventory, correctly summarizing the quantities, extend prices times quantities, and foot the extensions. Totals should agree with the amounts recorded in general ledger.