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What are the journal entries if the equipment ac in the ledger shows a balance of 37000 but is recorded in the trial balance as 39000 on debit side?
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∙ 11y ago
Suspense a/c Dr 2000
To Equipment a/c 2000
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∙ 11y ago
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How do the adjusting entries differ from othe journal entries?
Journal entries are those entries which are recorded first time when any transaction occured while adjusting entries are only recorded when there is any adjustment required in previously created journal entry.
What is the difference between journal entries vs adjusting entries?
Journal entries are recorded as soon as financial transaction occures while adjusting entries are made to rectify the previously made journal entries.
Should journal entries be listed chronologically?
Yes, all journal entries should be recorded in a order in which they occur so as per this all journal entries should be listed chronologically.
The purpose of transferring the journal entries to the account is known as?
Posting the entries to create a Trial Balance.
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 are the accounting journal entries to record donated equipment?
debit assetcredit donations
The accounting process is correctly sequenced as?
Inentify the transaction Analyze the transaction Journal Entries Post to Ledger Trial Balance Adjusting entries Adjusted Trial Balance Financial Statements Closing Entries After-Closing Trial Balance
What are the accounting journal entries to record installiation of equipment?
debit installation chargescredit cash
What are the purpose of making adjusting journal entries?
Adjustments are made to journal entries to correct mistakes. Adjustments can also be made to ensure accounts balance, but this is normally done for internal purposes.
Are adjusting entries entered into the general journal before they are recorded in the work sheet?
false
Journal entries should be posted in what order in accounting?
Journal entries should be posted in chronological order means as it happens if any transaction happend first it should be recorded first.
When is it necessary to include vendor name in an accounts payable entry in a journal?
It is good practice to always include the vendor name in the journal entries. Journal entries are the books of "origin". When transaction occur the transaction is then recorded in the journal, at a later date or time, the entries are then added to the Ledger where each account for the company has a separate account.Adding the vendor name to the journal entry can assure that the proper account is debited or credited when the entry is recorded in the ledger.
