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Journal entry should be made when you need to acquire information about specific business transactions.All the transactions should be recorded based on receipts or the bills. This will help to check authenticity of each journal entries. This further makes auditing easy.
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Posting of journal entries should be done in?
chronological order
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.
Why is it important for a company to make adjusting journal entries?
It is important to record adjusting entries as if it is not done then there is no accurate financial statements will be available.
Is posting from a revenue journal to the customer account normally only done at the end of the month?
no it is done on a regular basis
What is accounts payable non trade?
Accounts payable non-trade is an entry that is made through a journal entry. Most accounts payable are trade and they are done through an accounts module that will automatically generate accounting entries.
Posting of journal entries should be done in?
chronological order
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.
Why is it important for a company to make adjusting journal entries?
It is important to record adjusting entries as if it is not done then there is no accurate financial statements will be available.
Is posting from a revenue journal to the customer account normally only done at the end of the month?
no it is done on a regular basis
What are provision entries and y they are done in journal entries?
Provision entries are accounting entries made to account for expenses or liabilities that are probable but uncertain in amount. They are done in journal entries to ensure that expenses are matched with the revenues they generate in a specific accounting period, in order to provide a more accurate representation of a company's financial position and performance.
What does correcting entry mean on a bank statement?
Accountants make correcting entries when they find errors. There are two ways to make correcting entries: reverse the incorrect entry and then use a second journal entry to record the transaction correctly, or make a single journal entry that, when combined with the original but incorrect entry, fixes the error.Adjusting entries should not be confused with correcting entries, which are used to correct an error. That should be done separately from adjusting entries, so there is no confusion between the two, and a clear audit trail will be left behind in the books and records documenting the corrections.
What is accounts payable non trade?
Accounts payable non-trade is an entry that is made through a journal entry. Most accounts payable are trade and they are done through an accounts module that will automatically generate accounting entries.
What is slip system?
In this system, posting is made from slips prepared inside the organization itself or from slips filled in by its customers. So entries are not made in the books of original entry or subsidiary books, but posting of entries is done from slips. In a banking company, the main slips are pay-in-slips, withdrawal slips and cheques and all these slips are filled in by clients of the bank. These slips serve the basis of entry in the ledgers and control accounts in the General Ledger are prepared on the basis of analysis of these slips
How do Catholics have eucharist?
If you're asking about the specific order & method of how things are done, I am posting a link to a website that should give you what you're looking for.
Do you erase in a general journal or trial balance?
Technology today has most or many general journal's and trial balance sheet's done on a computer, however, if your company is handwriting and keeping track of these documents in handwritten form, some do both for accuracy, you never "erase" an entry.The entries should be done in ink (usually black or blue, preferably black) with any errors in transactions stricken through with a single line, this way the error is still legible and the new entry recorded slightly above it. Erasing or making the previous entry illegible can make it look as though it might have been done as a second thought or attempt to defraud the company.
How do you made a journal entry for loan repayment schedule?
There is no journal entry for loan repayment schedule rather journal entry is made when actual payment is done or installment is paid.
What is the difference between cash book and cash account?
Cash Account :- 1. Is an account in the ledger. 2. Cash account is part of the ledger. Cash account is opened in the ledger in which posting is done from some book of original entry. 3. In cash account posting is not followed by narration. 4. It only records one aspect of transaction involving cash & bank. Cash Book :- 1. Is a separate book of account forming a part of accounting system. 2. Cash book records entries directly from transaction & there is no need for a book of prime entry. 3. In cash book entries are followed by narration also. 4. It records both the aspect of this transaction in cash & bank columns to complete double entry posting.
