General ledger

movements of inventory. There may be entries in the general journal that require posting to both a control account and a subsidiary ledger. In these cases, after you have posted to both ledgers, you should enter the reference for the subsidiary ledger account in the Post Ref. column to indicate that you have posted to both accounts. General journal entries do NOT require a description of the journal entries. Ledgers: When posting a transaction to a ledger account, under the Description column, please type

Print Name(s): Course & Selection: Identifier: Client: Rachel Song BCIS6243B2 GBI-034 659 Chapter 03: Financial Accounting Exercise 03-02: Basic Financial Accounting Process Single Company Code Version 1 Rev: 01/03/2011 Introduction General Notes and Information It is strongly recommended that you read through the entire exercise prior to starting. Not all instructions can be provided in a linear manner. The following symbols are used to indicate important information as described below:

The purpose of the general journal is record the day-to-day transactions of a business. These are record of chronological transactions listed as they occur showing specific accounts affected by these transactions. The general journal entry includes the date of the transaction, the titles of the accounts debited and credited, the amount of each debit and credit, and an explanation of the transaction also known as a Narration. Although known as the book of original entry and starting point for a well-organized

Establish running balance ledger accounts for each supplier in the subsidiary ledger and an Accounts Payable Control account in the general ledger. Post the amounts from the journals to the subsidiary and control accounts. B. Prepare a schedule of accounts payable as at 30 June and compare the total with the balance in the control

Giving examples, evaluate the effectiveness of the controls in the double entry system of accounting in ensuring the accuracy of the accounts. As well as examining the controls, your evaluation should consider errors that do not affect the balancing of the trial balance. Double entry accounting system was invented in 15th century and still being in use until today, this is quite an interesting fact; however it indicates that there is something about the system, thus making it so effective and

A control account is a summary account in the general ledger. This account comprises of combined totals for transactions that are discretely stored in subsidiary-level ledger accounts. It’s called a control account because it controls a section of the ledger. For instance a sales ledger control account controls the sales ledger while a purchase ledger controls the purchase ledger. (Accountingtools.com, 2015) Control accounts act as mini trial balances since they are summary accounts hence they are

Jamaica Life Insurance Company Bank reconciliation were automated and transferred to the Processing Support Center - Reconciliations Unit. As the Finance department we have a responsibility and oversight for the operating bank accounts and the General Ledger. I am the responsible officer in this role as at July this year. Currently I liaison with the Client Services Department and PSC in an effort to address the items to be reconciled in a timely manner. The necessary investigation was carried out

balance sheet and income statements make up the general ledger. The purpose of a subsidiary ledger, also known as a subledger or subaccount, is to show the details of a specific account under the general ledger. The subsidiary ledger updates companies on the spending trends of each individual customer. Consequently, the subsidiary ledger can also inform the company of debts it owes to other companies or organizations. The ending balance in the subsidiary ledger should be equivalent to the ending balance

According to our textbook the closing process serves a dual purpose 1. The temporary accounts (revenues, expenses, gains and losses) are reduced to zero balances, ready to measure activity in the upcoming accounting period, and 2. These temporary accounts are closed (transferred) to retained earnings to reflect changes that have occurred during that accounting period. (Spiceland p. 79). There are three times during an accounting period when a company should perform a closing process, daily, monthly

| Recorded acquisitions are for goods & services received. (Occurrence)Recorded cash disbursements are for goods & services received. (Occurrence) | Discuss with personnel & observe activities. | Review the acquisitions journal, general ledger, and accounts payable master file for large or unusual amounts. | 2. Independent reconciliation of the monthly bank statements. | Existing cash disbursement transactions are recorded. (Completeness)Recorded cash disbursement transactions