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What is the general ledger journal entry for a refund?
Cash a/c to debtors a/c
What happens if the adjusting entries to the general ledger are wrong?
You would reverse the journal entry then record the correct entry.
What does the first step in transferring journal entry amounts to ledger accounts involve?
The first step in transferring journal entry amounts to ledger accounts involves posting the amounts from the journal entries into the corresponding accounts in the general ledger. This process requires identifying the correct account for each entry based on the journal, recording the date, and entering the debit or credit amounts accordingly. This ensures that all financial transactions are accurately reflected in the respective accounts for proper tracking and reporting.
The Posting Reference entry in the ledger account for the Breneman Management Service entries is?
The Posting Reference (PR) entry in the ledger account for Breneman Management Service typically indicates the source document or transaction that corresponds to each entry in the ledger. It serves as a way to track where the information originated, facilitating easy cross-referencing between the journal and the ledger. Each PR entry is usually a number or code that corresponds to a specific journal entry, helping ensure accuracy and clarity in financial reporting.
When is it necessary to include vendor name in an accounts payable entry in a journal?
It is good practice to always include the vendor name in the journal entries. Journal entries are the books of "origin". When transaction occur the transaction is then recorded in the journal, at a later date or time, the entries are then added to the Ledger where each account for the company has a separate account.Adding the vendor name to the journal entry can assure that the proper account is debited or credited when the entry is recorded in the ledger.
What relationship between the journal and the ledger?
Both the Journal and the Ledger are the two most important books used under the Double Entry System of "Book-Keeping". The relationship between the "Journal & Ledger" could be expressed as follows: Journal is the book of first or original entry - since all the Business Transactions are recorded first of all in the "Journal". While the "Ledger" is the book of second entry - since the transactions are "Posted" to the "Ledger" from the Journal. The Journal records tranasactions in "Chronological order", while the Ledger records the transactions in analytical order. The Journal is more reliable than Ledger since it is the book in which the entry is entered first. The process of recording transations is termed as "Journalising" while the process of recording transactions in the Ledger is called as "Posting". Ramesh Kutumbaka
What is the general ledger journal entry for a refund?
Cash a/c to debtors a/c
Why is ledger called a book of final entry?
Because it is prepared from the journal which is the book of "original entry".
What happens if the adjusting entries to the general ledger are wrong?
You would reverse the journal entry then record the correct entry.
The first step in posting either a credit entry from the journal to the ledger is to transfer the?
Date
What does the first step in transferring journal entry amounts to ledger accounts involve?
The first step in transferring journal entry amounts to ledger accounts involves posting the amounts from the journal entries into the corresponding accounts in the general ledger. This process requires identifying the correct account for each entry based on the journal, recording the date, and entering the debit or credit amounts accordingly. This ensures that all financial transactions are accurately reflected in the respective accounts for proper tracking and reporting.
What is the journal entry of asset acquisition in ledger accounts?
debit fixed assetcredit cash / bank
The Posting Reference entry in the ledger account for the Breneman Management Service entries is?
The Posting Reference (PR) entry in the ledger account for Breneman Management Service typically indicates the source document or transaction that corresponds to each entry in the ledger. It serves as a way to track where the information originated, facilitating easy cross-referencing between the journal and the ledger. Each PR entry is usually a number or code that corresponds to a specific journal entry, helping ensure accuracy and clarity in financial reporting.
When is it necessary to include vendor name in an accounts payable entry in a journal?
It is good practice to always include the vendor name in the journal entries. Journal entries are the books of "origin". When transaction occur the transaction is then recorded in the journal, at a later date or time, the entries are then added to the Ledger where each account for the company has a separate account.Adding the vendor name to the journal entry can assure that the proper account is debited or credited when the entry is recorded in the ledger.
How is a ledger or account book is maintained?
When a transaction occurs, a journal entry is made coinciding with this transaction. Later these transactions are posted from the journal to the ledger, then a trial balance is made to insure that the accounts are accurate and "balance".
What is the term for a left-hand ledger entry?
The term for a left-hand ledger entry is "debit." In accounting, a debit increases asset or expense accounts and decreases liability, revenue, or equity accounts. It is recorded on the left side of a ledger or journal entry, while the corresponding right-hand entry is called a "credit."
What is the general ledger journal entry to begin a Reserve Account?
debit reserve accountcredit cash / bank
