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What effect does an entry on the debit side of a ledger account will where applicable have an effect of?
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Which account represents a debit balance on a ledger account?
assets have debit balances.
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.
What does A debit balance on a ledger account may represent?
Money that is due.
The general ledger usually contains an AP account. What transcations are posted to this control account?
debit
To increase the balance in an accounts payable ledger?
To increase the balance in an accounts payable ledger you credit the account.
Which account represents a debit balance on a ledger account?
assets have debit balances.
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.
What does A debit balance on a ledger account may represent?
Money that is due.
The general ledger usually contains an AP account. What transcations are posted to this control account?
debit
To increase the balance in an accounts payable ledger?
To increase the balance in an accounts payable ledger you credit the account.
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.
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)
In accounting what is the rule for entering in the ledger?
Debit an account that has received goods or money; and credit account that has given goods
What is the general ledger journal entry to begin a Reserve Account?
debit reserve accountcredit cash / bank
What is trial balace?
A trial balance is a list of all the nominal ledger (general ledger) accounts contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit value balance. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the trial balance...cj pulgar
What is mean of debit?
A bookkeeping and accounting term, indicating an entry made in the left hand column of the ledger. Debit is the opposite of credit. In common use the phrase 'debit my account' is an instruction to charge a sum of money against the account.
How are salaries paid on behalf of the branch office accounted for in the home office ledger?
Debit the salary account and credit the branch cash account.
