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After posting the entries from the journal the breneman management service ledger should have at least one credit entry in how many accounts?
2
What does it mean when after posting the entries from the journal the breneman management service ledger should have at least one credit entry in how many accounts?
9
After posting the entries from the journal the breneman management service ledger should have at least one debit entry in how many accounts?
After posting the entries from the journal, the Breneman Management Service ledger should have at least one debit entry in at least two accounts: one for the account being debited and another for the corresponding account being credited. This ensures that the accounting equation remains balanced, as every debit must have a corresponding credit.
What accounts are not affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
What is the purpose of closing entries?
The purpose of closing entries is to transfer the balances of temporary accounts to permanent accounts. These entries are used via the adjusted trial balances.
After posting the entries from the journal the breneman management service ledger should have at least one credit entry in how many accounts?
2
What does it mean when after posting the entries from the journal the breneman management service ledger should have at least one credit entry in how many accounts?
9
After posting the entries from the journal the breneman management service ledger should have at least one debit entry in how many accounts?
After posting the entries from the journal, the Breneman Management Service ledger should have at least one debit entry in at least two accounts: one for the account being debited and another for the corresponding account being credited. This ensures that the accounting equation remains balanced, as every debit must have a corresponding credit.
What accounts are not affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
What accounts are affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
What is the purpose of closing entries?
The purpose of closing entries is to transfer the balances of temporary accounts to permanent accounts. These entries are used via the adjusted trial balances.
What is the difference between adjusting entries and correcting entries?
Correcting entries correct errors. Adjusting entries fine tune the accounts.
Why adjusting entries are necessary?
Adjusting entries are necessary to ensure that accounts balance. When accounts don't balance it may indicate that the company is being mismanaged.
What are accounts payable entries?
[Debit] Accounts payable [Credit] Cash / bank
What are controlling accounts and subsidiary ledgers?
A control account is an account found in the general ledger such as accounts receivable,accounts payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are used to check the accuracy of those entries.
Branch accounts journal entries?
good to sent
Will a credit entry to an account increase the balance of a revenue account?
Yes. Since revenue accounts are "credit" accounts, they are increased by credit entries and decreased by "debit" entries.
