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The purchase journal is posted to the general ledger by transferring the total amounts recorded in the purchase journal to the corresponding accounts in the general ledger, typically the Accounts Payable and inventory accounts. Each entry is recorded as a debit to the inventory account and a credit to the accounts payable account. This posting process usually occurs at the end of an accounting period, ensuring that all purchases are accurately reflected in the financial statements. Posting can be done manually or through accounting software, which automates the process for efficiency.
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Closing entry need to be?
Closing entries should be journalized and posted. They are entered in the general journal, as well as posted in the general ledger.
Cash loaned to the company by a shareholder would be posted to the what Journal before being posted to the General Ledger.?
Cash
Are individual amounts in the purchases journal posted to the general ledger during the month?
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Cash loaned to the company by a shareholder would be posted to the cash Journal before being posted to the General Ledger.?
Yes, cash loaned to the company by a shareholder would initially be recorded in the cash journal to reflect the increase in cash. After that, it would be posted to the General Ledger to update the appropriate accounts, such as a liability account for the loan. This process ensures accurate tracking of cash inflows and obligations in the company's financial records.
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.
Closing entry need to be?
Closing entries should be journalized and posted. They are entered in the general journal, as well as posted in the general ledger.
Cash loaned to the company by a shareholder would be posted to the what Journal before being posted to the General Ledger.?
Cash
Are individual amounts in the purchases journal posted to the general ledger during the month?
3
Cash loaned to the company by a shareholder would be posted to the cash Journal before being posted to the General Ledger.?
Yes, cash loaned to the company by a shareholder would initially be recorded in the cash journal to reflect the increase in cash. After that, it would be posted to the General Ledger to update the appropriate accounts, such as a liability account for the loan. This process ensures accurate tracking of cash inflows and obligations in the company's financial records.
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 entry do you make in the post reference column of the ledger to show that you posted the transactions from the journal?
The "Post Reference" or PR is used ona Ledger to lead you back to the original transaction by identifying the Journal and the page in the Journal. Example - GJ1 = General Journal, page 1. On a Journal the PR can be used to identify the account number used from the chart of accounts
Why are number under the column totals in the journal important?
These numbers are important because they verify that the information in that journal column has been posted to the corresponding ledger account.
What are the accounting journal entries to record an overcharged cost that was posted to an expense purchase to Accounts Payable and was paid at a later date?
general journal
Why a cashbook is called Journalised ledger?
Cash book is a journal because the transactions are recorded in it for the first time from the source of document and from journal these transactions are posted to the respective account in the ledger. We can say cash book is a ledger also in the sense that it serves the purpose of cash account also.As such cash book is journal as well as ledger, and hence it may call journalised ledger.
The purchase day book is a part of the ledger statement are 'true' or 'false'?
False. The purchase day book is not a part of the ledger; it is a subsidiary book used to record all purchases made on credit. Entries from the purchase day book are later posted to the individual accounts in the general ledger.
Are closing entries posted to 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.
