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What happens if the adjusting entries to the general ledger are wrong?
You would reverse the journal entry then record the correct entry.
How do you post a refund check to the general ledger?
To post a refund check to the general ledger, first, identify the appropriate accounts affected by the transaction, such as the cash account and the expense or revenue account being refunded. Record a journal entry that debits the cash account (increasing it) and credits the relevant expense or revenue account (decreasing it). Ensure to include a clear description of the transaction for future reference. Finally, verify that the entry balances and accurately reflects the refund in the financial records.
What is the general ledger journal entry to begin a Reserve Account?
debit reserve accountcredit cash / bank
Closing entry need to be?
Closing entries should be journalized and posted. They are entered in the general journal, as well as posted in the general ledger.
An accounting record of the balances of all assets and liabilities and equity accounts is called a.compound entry. b. general journal. c. general ledger. d. chart of accounts?
c. General Ledger
What happens if the adjusting entries to the general ledger are wrong?
You would reverse the journal entry then record the correct entry.
How do you post a refund check to the general ledger?
To post a refund check to the general ledger, first, identify the appropriate accounts affected by the transaction, such as the cash account and the expense or revenue account being refunded. Record a journal entry that debits the cash account (increasing it) and credits the relevant expense or revenue account (decreasing it). Ensure to include a clear description of the transaction for future reference. Finally, verify that the entry balances and accurately reflects the refund in the financial records.
What is the general ledger journal entry to begin a Reserve Account?
debit reserve accountcredit cash / bank
What is the general ledger Journal entry for missing stock to write off?
debit owners equitycredit purchases
Closing entry need to be?
Closing entries should be journalized and posted. They are entered in the general journal, as well as posted in the general ledger.
An accounting record of the balances of all assets and liabilities and equity accounts is called a.compound entry. b. general journal. c. general ledger. d. chart of accounts?
c. General Ledger
What is the general ledger journal entry issue an invoice on sale of account?
Debit accounts receivableCredit sales revenue
What is the general ledger journal entry to write off notes receivable?
debit bad debtscredit notes receivable
What is the general ledger journal entry to write goods taken by the owner from stock?
debit drawingscredit purchases / goods
What is the general ledger journal entry to write off accounts receivale checks?
Debit bad debtsCredit accounts receivable
What is the general ledger journal entry to write stale checks?
You need to check the original journal entry for the check transaction. Then reverse all the original entries by Dr where you initially Cr and vice versa.
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
