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Are the expense accounts will be closed out after all the closing entires have been posted to the general ledger?
no, it is not necessary
What are the columns of general journal?
General ledger has the following columns:DateExplanationCash DebitAccounts Receivable(Credit)Sales(Credit)Other creditsFolioAccounts Title
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
Does the balance sheet proves that the debits and credit equal in the general ledger?
yes
How do you enter accrued expenses in the general ledger?
Accrued expenses are entered as liabilities in the general ledger. Debit expense and credit accrued liability.
What is a Book of accounts of credit and debit called?
The General Ledger
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.
Is salary an expense or expenditue?
Salaries is recorded as a debit entry in the wages account, so it is classed as an expense. Wages are recorded in the nominal ledger or ( general Ledger ) it is classed as a debit entry because the bank/cash book is credited think of debit as in and credit as out. If need any further information please ask. Andrew Swift
Are the expense accounts will be closed out after all the closing entires have been posted to the general ledger?
no, it is not necessary
In the general ledger how are expense account and liability account arrange?
Alphabetically within their own classification
What are the columns of general journal?
General ledger has the following columns:DateExplanationCash DebitAccounts Receivable(Credit)Sales(Credit)Other creditsFolioAccounts Title
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)
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
Does the balance sheet proves that the debits and credit equal in the general ledger?
yes
How entries are posted from general ledger to trial balance?
Extract of head of account wise debit balance or credit balance from the general ledger has to be posted in the trial balance.
