Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I have an accounting project. I have to journalize transactions and then post them to the general ledger and balance my general ledger. I have

I have an accounting project. I have to journalize transactions and then post them to the general ledger and balance my general ledger. I have completed month one and I have a second month of transactions. After I journalize my transactions for month two, do I add my month two transaction to the ending balance of month ones transaction. For example,

I have an ending cash transaction of 400,000 for month one. For month two my first cash transaction is 3000.When I post to the ledger do I add the 3000 to 400,000 or do I skip a line and start a new balance for month two in the ledger?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Effectiveness Meeting The IT Challenge

Authors: Kamil Omoteso

1st Edition

1409434680, 9781409434689

More Books

Students also viewed these Accounting questions

Question

Where is the position?

Answered: 1 week ago