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What happens if the adjusting entries to the general ledger are wrong?
Wiki User
∙ 9y ago
You would reverse the journal entry then record the correct entry.
Wiki User
∙ 9y ago
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What are two of the four accounts in the general ledger which need to be updated with adjusting entries?
cash and rent expense
What of the two of the four accounts in the general ledger which need to be updated with adjusting entries?
cash and rent expense
The two types of journal entries needed to change general ledger account balances at the end of the fiscal period are?
Adjusting and Closing Entries.
Why is it necessary to journalize and post adjusting entries?
The worksheet is only a tool that aids in the preparation of financial statements. Any changes in account balances recorded on the worksheet are not shown in the general journal and the general ledger until the adjusting entries have been journalized and posted.
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.
How do you journalize adjusting entry license future year?
Journal Entries recorded to update general ledger accounts at the end of a fiscal period are called adjusting entries.
What are two of the four accounts in the general ledger which need to be updated with adjusting entries?
cash and rent expense
What of the two of the four accounts in the general ledger which need to be updated with adjusting entries?
cash and rent expense
The two types of journal entries needed to change general ledger account balances at the end of the fiscal period are?
Adjusting and Closing Entries.
Why is it necessary to journalize and post adjusting entries?
The worksheet is only a tool that aids in the preparation of financial statements. Any changes in account balances recorded on the worksheet are not shown in the general journal and the general ledger until the adjusting entries have been journalized and posted.
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 is an adjusting entry?
journal entries recorded to update general ledger accounts at the end of a fiscal period. it is made to prevent or correct errors that may happen in the system. To see how to make an adjusting entry, visit: http://www.accounting7.com/content/exercise-adjusting-account-entries-accounting
Are closing entries posted to the general ledger?
yes
The process of posting adjusting and closing entries in the ledger at the end of an accounting period is called?
Adjusted trail balance
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.
What should the post closing trial balance is best prepared from?
The General Ledger provides all the information you need to prepare a Post Closing Trial Balance as well as a Trial Balance, etc. A post closing trial balance is a trial balance that is prepared "before" accounts are closed out for the accounting period, such as expenses, revenues, etc. Adjusting entries are made to the General Ledger from the Journal entries and then a PCTB is prepared using the information obtained in the Ledger.
What happens after all the closing entries have posted to the general ledger?
Once all the closing entries have been posted to the ledger it is then time to begin working on the financial statements. A Post-Closing Trial Balance insures that all entries are made properly, at which time if needed such statements as the Balance Sheet and Statement of Owners Equity can be created.
