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What are two of the four accounts in the general ledger which need to be updated with adjusting entries?
cash and rent expense
What of the two of the four accounts in the general ledger which need to be updated with adjusting entries?
cash and rent expense
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.
Why is it necessary to journalize and post adjusting entries?
The worksheet is only a tool that aids in the preparation of financial statements. Any changes in account balances recorded on the worksheet are not shown in the general journal and the general ledger until the adjusting entries have been journalized and posted.
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.
How do you journalize adjusting entry license future year?
Journal Entries recorded to update general ledger accounts at the end of a fiscal period are called adjusting entries.
What are two of the four accounts in the general ledger which need to be updated with adjusting entries?
cash and rent expense
What of the two of the four accounts in the general ledger which need to be updated with adjusting entries?
cash and rent expense
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.
Why is it necessary to journalize and post adjusting entries?
The worksheet is only a tool that aids in the preparation of financial statements. Any changes in account balances recorded on the worksheet are not shown in the general journal and the general ledger until the adjusting entries have been journalized and posted.
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 is an adjusting entry?
journal entries recorded to update general ledger accounts at the end of a fiscal period. it is made to prevent or correct errors that may happen in the system. To see how to make an adjusting entry, visit: http://www.accounting7.com/content/exercise-adjusting-account-entries-accounting
Are closing entries posted to the general ledger?
yes
Should general ledger be capitalized if refering to it like General Ledger entries?
In general, "general ledger" should not be capitalized when used in a sentence unless it is part of a title or a heading. Therefore, you would typically write "general ledger entries" in lowercase. However, if you are referring to a specific system or software that uses "General Ledger" as part of its official name, then capitalization would be appropriate in that context.
What are the four accounts in the general ledger which need to be updated with adjusting entries?
The four accounts in the general ledger that typically need to be updated with adjusting entries are: Prepaid Expenses - to record the expense incurred during the period. Accrued Revenues - to recognize revenue earned but not yet received. Accrued Expenses - to record expenses incurred but not yet paid. Unearned Revenues - to recognize revenue that has been earned but previously recorded as a liability.
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.
The process of posting adjusting and closing entries in the ledger at the end of an accounting period is called?
Adjusted trail balance
