Closing entries comes first as name shows post closing entries are after closing entries and it is as simple as name suggests.
Journal entries are those entries which are recorded first time when any transaction occured while adjusting entries are only recorded when there is any adjustment required in previously created journal entry.
Journal entries should be posted in chronological order means as it happens if any transaction happend first it should be recorded first.
The accounting process or accounting cycle consists of activities that are performed in three phases. Each phase is performed over certain time periods.Phase 1The activities in the first phase are performed daily:Analyze transactions that occurEnter transactions into the journalPost the journal entries to the ledger accountsPhase 2The activities in the second phase are performed periodically depending on how a company's accounting department is structured. They may be performed weekly, monthly, quarterly, or annually:Prepare trial balancesEnter adjusting entries into the journal and post to ledger accountsPrepare an adjusted trial balancePhase 3These activities are performed by the company annually at the end of a fiscal year:Prepare financial statementsMake closing entries in the journal and post to ledger accountsPrepare a post-closing trial balance
The whole process of transferring entries from journal to ledger is called posting process.
In general journal entries, debits are typically listed first, followed by credits. This format helps clearly indicate the accounts affected and the nature of the transactions. Each entry usually includes the date, accounts involved, amounts, and a brief description of the transaction.
Journal entries are those entries which are recorded first time when any transaction occured while adjusting entries are only recorded when there is any adjustment required in previously created journal entry.
Journal entries should be posted in chronological order means as it happens if any transaction happend first it should be recorded first.
furniture account a/c dr 10000 to cash a/c 10000 journal entries are always passed first than ledger creation.
The accounting process or accounting cycle consists of activities that are performed in three phases. Each phase is performed over certain time periods.Phase 1The activities in the first phase are performed daily:Analyze transactions that occurEnter transactions into the journalPost the journal entries to the ledger accountsPhase 2The activities in the second phase are performed periodically depending on how a company's accounting department is structured. They may be performed weekly, monthly, quarterly, or annually:Prepare trial balancesEnter adjusting entries into the journal and post to ledger accountsPrepare an adjusted trial balancePhase 3These activities are performed by the company annually at the end of a fiscal year:Prepare financial statementsMake closing entries in the journal and post to ledger accountsPrepare a post-closing trial balance
The whole process of transferring entries from journal to ledger is called posting process.
In general journal entries, debits are typically listed first, followed by credits. This format helps clearly indicate the accounts affected and the nature of the transactions. Each entry usually includes the date, accounts involved, amounts, and a brief description of the transaction.
no. the first step is closing the revenue account. Then comes expenses and then income summary.
Journal's are an important element in terms of accounting.It is said so because the journal records and shows the transactions made by the firm during a particular year.journal is the book where they record the primary and first handed entries.It is from this journal entries they make other entries in the book of ledger,trial balance..etc..If any entry in the journal goes wrong then the whole matter will go wrong.....All the best....keep gionging.....
Yes do all this question says!
Books are cataloged by the Anglo American Cataloging Rules. The original entry is the author entry unless there is no author or more than three authors. The secondary entries are title entries or subject entries.
Closing Entries reset certain ledger accounts to zero when a new measurement period begins. For example at the end of each month a salesperson's commissions may be calculated on the sales for that month. If you do not close the books, the next month's sales numbers would be added to the previous months and the sales person would be paid twice for the first month. Closing Entries also reset changes in owners drawings/dividends and contributions so they are not counted more than once. This process nets out to register the change in owner's equity between balance sheets in the ledgers.
I can't actually do on here for you, however I can explain what a Post Closing Trial Balance is and how to get one.A Post Closing Trial Balance is a Trial Balance that is prepared only after all "closing" entries have been made to the Ledger and all adjustments have been made from the Journal, leaving only the permanent balance sheet accounts remain open. This is to check clerical accuracy and to prove that the accounting equation is in balance before the next accounting equation begins.To make your PCTB simply take the balances from the permanent accounts and list the in the PCTB with the balances, listing assets first (debits) then liabilities, owners equity next (credits) and balancing the account.