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Ledger account:
A ledger is used to
Computation of necessary T accounts (representing the ledger) with balances from the unadjusted trial balance of Institute A.
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 for the items, assuming that
Ledger account:
A ledger is used to post various financial transactions of the business from the journal. Ledger sorts and arrange various transactions in the financial book with debit and credit amount which is validated by trial balance.
Trial Balance:
A trial balance is a statement of all debits and credits maintained in a double entry accounting system where when the total of debits and credits are equal, the trial balance is considered to be matched.
The necessary balance in the ledger account for the adjusting entries and an adjusted trial balance.
4.
Income Statement:
An income statement is one of the financial statement of the company which 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.
The financial statement in which the worth of assets, liabilities and equity of a company or an entity is shown in a classified form is a balance sheet.
The income statement, statement of owner's equity and the balance sheet of Institute A as of December, 31.
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