Explanation General journal: This is a journal used to record infrequent transactions like adjusting entries , closing entries, accounting errors, sale of assets, or bad debts expense. General journal is the group of journal that is used to record all transactions, events and arrangements in chronological order. It consists of date, accounts to be debited and credited, debit column, and credit column for amounts and post reference column. Example: Date Account Title Post Ref...

6th Edition

ISBN: 9781618533111

Author: DYCKMAN

Publisher: Cambridge Business Publishers

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Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…

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Chapter 3 Solutions

FINANCIAL ACCOUNTING

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