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The General Ledger
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∙ 13y ago
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What is one word for a book of accounts showing debits and credits?
journel
When a company records depreciation it debits?
debits expense accounts and credits contra accounts
The process of transferring the debits and credits from the journal to the ledger accounts is called?
posting
Asset accounts are increased by debits?
Yes. And Liabilties are increased by credits.
How do you read a balance sheet?
A balance sheet should be equal debits and credits at the end of it. Your debits are what you spend. Money on expenses or just about anything. Credits is assets/money/capital credited to accounts. Credits must equal the debits.
What is one word for a book of accounts showing debits and credits?
journel
When a company records depreciation it debits?
debits expense accounts and credits contra accounts
The process of transferring the debits and credits from the journal to the ledger accounts is called?
posting
Asset accounts are increased by debits?
Yes. And Liabilties are increased by credits.
How do you read a balance sheet?
A balance sheet should be equal debits and credits at the end of it. Your debits are what you spend. Money on expenses or just about anything. Credits is assets/money/capital credited to accounts. Credits must equal the debits.
Can Journal entries can have more than two accounts as long as the debits equal the credits?
yes
The controlling account in the general ledger that summarizes the debits and credits to the individual customers accounts in the subsidiary ledger is entitled?
Accounts Receivable.
Does the debit and credit sides of a T-Account have to balance?
The debits and credits for ALL the T-Accounts must balance - if you had the same debits and credits to each T-Account, your trial balance would be all zeros. If you take all the T-Accounts you've used in making your journal entry(s) and add them up, if the total debits and total credits don't agree you're missing part of an entry.
What is done to check the equality of debits and credits?
done to check the equality of debits and credits
Are accounts normally decreased by debits?
All credit accounts are decrease by debits while all debit accounts are increased by debits and vice versa.
What is The Difference between total debits and credits to an account called?
The Account balance.
Does an account payable ledger record credits or debits?
Accounts payable is created when goods purchased on credit so it records the credits that is how much amount payable to creditors.
