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Branch accounts journal entries?
good to sent
What is columnar journal?
A Columnar Journal is an alternative journal form that is designed with special columns for entries to accounts which are used often and an 'Other Accounts' column for entries to accounts for which a special column has not been provided. Columnar Journals can also be called 'Synoptic Journals' and/or 'Combination Journals'.
Is it necessary to post all journal entries?
Yes it is necessary to post all journal entries otherwise no proper books of accounts will be maintained and no accurate financial information will be available.
What is the journal entry for collected on account 1200?
Debit cash / bank 1200Credit accounts receivable 1200If it is a collection from customer's account, thenDEBIT: Cash 1200CREDIT: Accounts Receivable 1200Collection from customer's account
What is the journal entries company sales product?
debit accounts receivablecredit sales revenue
Branch accounts journal entries?
good to sent
The process of transferring the journal entries to the accounts is known as?
Posting
What are journal entries that bring the accounts up to date at the end of the accounting period called?
closing entries
What are the journal entries that bring the accounts up to date at the end of the accounting period called?
closing entries
What is columnar journal?
A Columnar Journal is an alternative journal form that is designed with special columns for entries to accounts which are used often and an 'Other Accounts' column for entries to accounts for which a special column has not been provided. Columnar Journals can also be called 'Synoptic Journals' and/or 'Combination Journals'.
Is it necessary to post all journal entries?
Yes it is necessary to post all journal entries otherwise no proper books of accounts will be maintained and no accurate financial information will be available.
What is the journal entry for collected on account 1200?
Debit cash / bank 1200Credit accounts receivable 1200If it is a collection from customer's account, thenDEBIT: Cash 1200CREDIT: Accounts Receivable 1200Collection from customer's account
What is the journal entries company sales product?
debit accounts receivablecredit sales revenue
What are journal entries that are made to update accounts at the end of a period called?
Retained earnings
What are the purpose of making adjusting journal entries?
Adjustments are made to journal entries to correct mistakes. Adjustments can also be made to ensure accounts balance, but this is normally done for internal purposes.
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 are the two journal entries necessary to record a sale?
debit cash / accounts receivablecredit sales
