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When a worksheet is completed, the general ledger reflects the final balances for each account after all adjustments have been made. This includes the adjusted trial balance, which shows the updated account balances that will be used for preparing financial statements. The general ledger also contains the final balances for assets, liabilities, equity, revenues, and expenses, ensuring that the accounting equation (Assets = Liabilities + Equity) is maintained. These balances represent the company's financial position at the end of the accounting period.
What else can I help you with?
What Used to summarize general ledger information?
a worksheet
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.
The information for preparing a trial balance on a worksheet is obtained from?
general ledger accounts
When establishing general ledger account opening balances will be 0?
true
When establishing general ledger accounts opening balances will always be zero?
No
What Used to summarize general ledger information?
a worksheet
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.
What is guest ledger?
A subsidiary ledger related to the accounts receivable general ledger account used by hotels to record the individual account activity of guests who are still at the hotel. The total of the balances in the city ledger plus the total of the balances in the guest ledger should equal the balance in the accounts receivable general ledger account.
The information for preparing a trial balance on a worksheet is obtained from?
general ledger accounts
When establishing general ledger account opening balances will be 0?
true
When establishing general ledger accounts opening balances will always be zero?
No
What is the statement prepared directly from the general ledger with no changes to the account balances?
Trial Balance
How is subsidiary ledger different to the general ledger?
A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a specific general ledger account. The general ledger account that summarizes a subsidiary ledger's account balances is called a control account or master account. For example, an accounts receivable subsidiary ledger (customers' subsidiary ledger) includes a separate account for each customer who makes credit purchases. The combined balance of every account in this subsidiary ledger equals the balance of accounts receivable in the general ledger. Posting a debit or credit to a subsidiary ledger account and also to a general ledger control account does not violate the rule that total debit and credit entries must balance because subsidiary ledger accounts are not part of the general ledger; they are supplemental accounts that provide the detail to support the balance in a control account.
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 worksheet done by using a ledger or a columnar paper?
a worksheet done by using a lagder or columnar paper
Definition of general ledger?
A general ledger is a complete financial record of all transactions completed within a business. This covers the life of the company and essentially never ends.
When an accounting change is reported under the retrospective approach account balances in the general ledger?
are closed out and then updated
