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Ledger account A general ledger represent account for company's financial statement with debit and credit account records validated by
Computation of necessary T accounts (representing the ledger) with balances from the unadjusted trial balance of Wells Technical Institute.
Journal Entries
A
Accounting rules for journal entries:
- To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.
- To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.
The necessary adjusting journal entries assuming that
Ledger account:
A ledger is used to
Trial balance:
A trial balance is a statement of all debits and credits maintained in a double entry accounting system where total of debits and credits are equal.
The necessary balance in the ledger account for the adjusting entries and an adjusted trial balance.
4.
Income Statement:
A income statement is one of the financial statement of the company and shows the company's
Statement of Owner'sEquity:
A statement of owner's equity reflects changes in capital balance of a business over a reporting period.
Balance Sheet:
A balance sheet is a
WTI's income statement, statement of owner's equity and balance sheet as of December, 31.
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Chapter 3 Solutions
FUNDAMENTAL ACCT PRINCIPLES LL W CONNECT
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