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The rules of posting into a general ledger are simple. Keep track of expenses in one part of the ledger and keep track of credits in another part.
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Posting is performed by transferring information from the?
general journal to the general ledger...
What items go directly to the general ledger without sub ledger posting?
accrued accounts
When posting to the general ledger is drawings always debited?
yes
What are the key rules of ledger posting and balancing accounts?
it is based on dual aspects of accounting
Which one of the steps below is not aided by the preparation of the work sheet?
posting to the general ledger
Posting is performed by transferring information from the?
general journal to the general ledger...
What items go directly to the general ledger without sub ledger posting?
accrued accounts
When posting to the general ledger is drawings always debited?
yes
What are the key rules of ledger posting and balancing accounts?
it is based on dual aspects of accounting
Which one of the steps below is not aided by the preparation of the work sheet?
posting to the general ledger
What are the rules for posting the cash payment journal to the ledger?
credit bank, debit all contra accounts :)
Posting reference on the journal should be?
should be entered when posting to the ledger
What are general ledger accounts?
he general ledger is a collection of the firm's accounts. While the general journal is organized as a chronological record of transactions, the ledger is organized by account. In casual use the accounts of the general ledger often take the form of simple two-column T-accounts. In the formal records of the company they may contain a third or fourth column to display the account balance after each posting.
How is subsidiary ledger different to the general ledger?
A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a specific general ledger account. The general ledger account that summarizes a subsidiary ledger's account balances is called a control account or master account. For example, an accounts receivable subsidiary ledger (customers' subsidiary ledger) includes a separate account for each customer who makes credit purchases. The combined balance of every account in this subsidiary ledger equals the balance of accounts receivable in the general ledger. Posting a debit or credit to a subsidiary ledger account and also to a general ledger control account does not violate the rule that total debit and credit entries must balance because subsidiary ledger accounts are not part of the general ledger; they are supplemental accounts that provide the detail to support the balance in a control account.
When an accounts payable subsidiary ledger is used the entry to Accounts Payable requires two posting references in the general journal?
yes
What type of general ledger entry is created for the automatic posting recurring monthly entries?
Recurring general ledger entries can be created to post recurring monthly journal entries. Expenses may include rent, telephone, and automobile payments.
The process of transferring journal entries to a ledger is known as?
This process is referred to as "posting". This is needed to keep complete and organized records of all transactions in the general ledger, as this is the source document used to create statements.
