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What is the effect of a posting to the debit side of a ledger account?
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Which account represents a debit balance on a ledger account?
assets have debit balances.
What are the rules for posting the cash payment journal to the ledger?
credit bank, debit all contra accounts :)
What are the steps in the posting process in accounting?
1. Write the date of the transaction in the account's Date Column. 2. Write the amount of the transaction in the Debit or Credit column and enter the new balance in Balance column under Debit or Credit. 3. Write the page number of the journal in the Post. Ref. column of the ledger account. 4. Record the ledger account number in the Post. Ref. column of the journal.
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.
Which account represents a debit balance on a ledger account?
assets have debit balances.
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 are the rules for posting the cash payment journal to the ledger?
credit bank, debit all contra accounts :)
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 are the steps in the posting process in accounting?
1. Write the date of the transaction in the account's Date Column. 2. Write the amount of the transaction in the Debit or Credit column and enter the new balance in Balance column under Debit or Credit. 3. Write the page number of the journal in the Post. Ref. column of the ledger account. 4. Record the ledger account number in the Post. Ref. column of the journal.
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.
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
When posting the entries from the journal the Breneman Management Service Ledger should have at least one debit entry in how many accounts?
2
Which account would be closed by posting a debit to the account?
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
