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What type of general ledger entry is created for the automatic posting recurring monthly entries?
Recurring general ledger entries can be created to post recurring monthly journal entries. Expenses may include rent, telephone, and automobile payments.
What general ledger entries should be used to automatically post recurring monthly entries in a computerized accounting system?
To automatically post recurring monthly entries in a computerized accounting system, you typically set up journal entries that include a debit and a credit for each account involved. Common entries might include debiting an expense account (e.g., Rent Expense) and crediting a liability or cash account (e.g., Accounts Payable or Cash). These entries can be scheduled to recur monthly through the software's recurring journal entry feature, ensuring they are posted automatically without manual intervention. It's important to verify that the amounts and accounts are accurate for each posting.
Are closing entries posted to the general ledger?
yes
Are Adjusting journal entries dated on the last day of the period?
There are two kind of adjusting entries1 - Month end adjusting entries2 -General adjusting entriesMonth end adjusting entries are created at last date of month while other journal entries are dated when any adjustment required or error found.
Is closing entries normally entered in the general journal and then posted to the work sheet?
Closing entries are normally entered in the general journal to zero temporary and nominal accounts. They do not need to be posted to the worksheet.
What type of general ledger entry is created for the automatic posting recurring monthly entries?
Recurring general ledger entries can be created to post recurring monthly journal entries. Expenses may include rent, telephone, and automobile payments.
What general ledger entries should be used to automatically post recurring monthly entries in a computerized accounting system?
To automatically post recurring monthly entries in a computerized accounting system, you typically set up journal entries that include a debit and a credit for each account involved. Common entries might include debiting an expense account (e.g., Rent Expense) and crediting a liability or cash account (e.g., Accounts Payable or Cash). These entries can be scheduled to recur monthly through the software's recurring journal entry feature, ensuring they are posted automatically without manual intervention. It's important to verify that the amounts and accounts are accurate for each posting.
Are closing entries posted to the general ledger?
yes
Why you pass general journal entries?
example of an depreciation asset
Are Adjusting journal entries dated on the last day of the period?
There are two kind of adjusting entries1 - Month end adjusting entries2 -General adjusting entriesMonth end adjusting entries are created at last date of month while other journal entries are dated when any adjustment required or error found.
Is closing entries normally entered in the general journal and then posted to the work sheet?
Closing entries are normally entered in the general journal to zero temporary and nominal accounts. They do not need to be posted to the worksheet.
What happens after all the closing entries have posted to the general ledger?
Once all the closing entries have been posted to the ledger it is then time to begin working on the financial statements. A Post-Closing Trial Balance insures that all entries are made properly, at which time if needed such statements as the Balance Sheet and Statement of Owners Equity can be created.
What are the advantages and disadvantages of journal entries in accounting?
what is the disadvantages of general journal
The two types of journal entries needed to change general ledger account balances at the end of the fiscal period are?
Adjusting and Closing Entries.
What happens after all the closing entries have been posted to the general ledger?
Once all the closing entries have been posted to the ledger it is then time to begin working on the financial statements. A Post-Closing Trial Balance insures that all entries are made properly, at which time if needed such statements as the Balance Sheet and Statement of Owners Equity can be created.
General journal entries?
Journal Entries are used to record accounting transactions. blady bastered............
What entries are posted to the cash payment journal and not the general journal?
Are the payment for cash(people who came and buy for cash ) Any entry can be posted into the general journal. It is really messy and long to post the stuff in the sales, sales returns and allowances, purchases and purchases returns and allowances jounal into the general jounal so those journals are created to make things easier. So basically, any entries that are posted to the cash payments journal can be posted to the general journal.
