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The ledger balance is the balance in an account at the end of the last business day. For example, if your ledger balance yesterday was $100, and then two checks you wrote were cashed for $20 each and you made a deposit of $5 today, then the ledger balance at the end of today would be $65. It is what is left in your account once all the debits and credits are processed every evening.
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How can you compute the average ledger balance and average collected balance on your bank statement?
Ledger balances are those listed on the bank's books, while collected balances equal ledger balances minus float associated with the account.
Where does the sum of customers' unpaid balances that is compared to the general ledger balance comes from?
The sum of customers unpaid balance or balance of account receivables in the General Ledger usually comes from a subsidiary ledger which contains an individual account receivable for each customer, the total of these accounts are summed and placed in one single account in the "general ledger".
What record book does the trial balance go in?
general ledger
What is the difference between a general ledger and a trial Balance?
A general ledger shows complete financial transactions over the life of a company. The trial balance just shows debits and credits of the business.
Does the balance sheet proves that the debits and credit equal in the general ledger?
yes
The principal ledger that contains all the balance sheet and income statement accounts is the general ledger?
general ledger
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.
What is the trail balance?
If you are referring to a Trial Balance in Accounting, the Trial Balance is a list of nominal ledger (general ledger) accounts contained in the Ledger of a Business.
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 record that contains all accounts of company?
general ledger, general journal, special ledger, special journal, column balance ledger.
How can you compute the average ledger balance and average collected balance on your bank statement?
Ledger balances are those listed on the bank's books, while collected balances equal ledger balances minus float associated with the account.
Where does the sum of customers' unpaid balances that is compared to the general ledger balance comes from?
The sum of customers unpaid balance or balance of account receivables in the General Ledger usually comes from a subsidiary ledger which contains an individual account receivable for each customer, the total of these accounts are summed and placed in one single account in the "general ledger".
Which statements are prepared from the general ledger with no changes to the account balance?
balance sheet
What is the primary ledger containing all the balance sheet and income statement accounts is the?
General Ledger
What record book does the trial balance go in?
general ledger
What is the difference between a general ledger and a trial Balance?
A general ledger shows complete financial transactions over the life of a company. The trial balance just shows debits and credits of the business.
List of the accounts in the general ledger with its balance as of a particular date.what is it?
This report is known as the trial balance.
