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Essay

Determining Account Balances

Essay specific features

 

Issue:

Business

 

Written by:

Carol S

 

Date added:

March 13, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

1 / 274

 

Was viewed:

691 times

 

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Essay content:

Similarly, all sales transactions are grouped together in the sales revenue account. Posting is no more than sorting all journal entry amounts by account and copying those amounts to the appropriate account. No analysis is needed; all the necessary analysis is performed when the transaction is first recorded in the journal...
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No analysis is needed; all the necessary analysis is performed when the transaction is first recorded in the journal. All accounts are maintained in an accounting record called the "general ledger." A ledger is a "book of accounts." Exhibit 6 shows how the three cash transactions in the general journal would be posted to the cash account in the general ledger, with arrows depicting the posting procedures...
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