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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.
Entries are made to the petty cash account when?
When establishing the fund.
What is the balance in the Cash account after you made all the entries?
c
What is provisional entry in accounts?
Provision entries are entries that are made to account for expenses that have not been accounted in the period for which it relates. Hence the provision is created by debiting the expenses and crediting the party account or liability account.
If there is a balance in the prepaid rent account after adjusting entries are made it represents?
A liability is what it represents.
What are leasing journal entries?
Leasing journal entries are the entries made in the accounting journals of both lessor and lessee to account for the expense or income of a lease. An example would be leasing of business equipment. The lessor would enter a credit in rent revenue and a debit in cash, while the lessee would enter a credit in cash and a debit in rent expense.
The entries in a sales journal will show?
Entries in sales journal shows all the sales company has made on credit and no other transaction is part of sales journal account.
What is a memorandum account?
This is a non-accounting voucher and the entries made using memo voucher will not affect your accounts.
Are the career salaries of politicians made public?
They are made public and are viewable to anyone. However money from lobbyists and kickbacks they receive are never made public, and will probably account for much more than their tax funded salaries.
What is the difference between journal entries vs adjusting entries?
Journal entries are recorded as soon as financial transaction occures while adjusting entries are made to rectify the previously made journal entries.
How do you rectify the errors by passing journal entries and prepare a suspense account?
Errors can be rectify by adjusting the previously made journal entries as per the errors found and suspense account is created when there is some confusion or information missing without which it is not possible to prepare full double entry so that suspense account is used there to temporarily complete the transaction.
What is provision Journal Entry?
Provisional entries are made to account for future expenses or foreseen future losses. we will record these provisional entry by, initially debiting Expence account and crediting provision account. when provision is released, we debit the provision account and credit the Expenses account.
