Ask Experts Questions for FREE Help !
Ask
    gppays's Avatar
    gppays Posts: 3, Reputation: 1
    New Member
     
    #1

    Nov 10, 2005, 01:31 PM
    Basic Accounting Question
    I have been struggling with this question for some time, What is the difference between a general journal and a general ledger?

    Is the ledger comprised of the chart of accounts and their corresponding balances? Which if I am correct would run for ever... provided they are part of the four permanent accounts (IE: assets, liabilities, equity, retained earnings) and if not, a definition would be appreciated.

    I do understand that the general journal is where a user will enter adjustments, direct transactions that effect an account (IE: reduction of an assset, etc.) and from what I have been told also keeps the summary entries for payroll (totals for the pay period) sales, etc.

    If I am way off the mark please feel free to correct me.

    I am trying to grasp this in terms of how software treats the transactions and how the various physical files are updated, closed, etc.
    Tony2005's Avatar
    Tony2005 Posts: 60, Reputation: 5
    Junior Member
     
    #2

    Nov 24, 2005, 10:28 AM
    Very good question.
    You are absolutely right gppays regarding general ledger and journal ledger. I guess you must be learning ERP software.
    gppays's Avatar
    gppays Posts: 3, Reputation: 1
    New Member
     
    #3

    Dec 5, 2005, 01:14 PM
    Yes I am
    Although it's a total pain right now...

    Sorry about the late response, unfortunately I have been hospitalized for a while and am just getting back on my feet
    Jssmsa's Avatar
    Jssmsa Posts: 1, Reputation: 1
    New Member
     
    #4

    Dec 21, 2005, 10:08 PM
    Help with my accounting homework
    Quote Originally Posted by gppays
    although its a total pain right now....

    Sorry about the late response, unfortunately I have been hospitalized for a while and am just getting back on my feet

    Welcome back, Question, can you help please.

    The ledger of Salizar Company at the end of the current year shows Accounts Receivable $110,000, Sales $840,000, and Sales Returns and Allowances $40,000.

    Instructions
    (a) If Allowance for Doubtful Accounts has a credit balance of $2,500 in the trial balance,
    Journalize the adjusting entry at December 31, assuming bad debts are expected to be (1)1% of net sales, and (2) 10% of accounts receivable.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
     
    #5

    Dec 21, 2005, 10:18 PM
    1)
    1% of net sales
    0.01 x (840,000-40,000) = 8,000
    8,000 - 2,500 (already recorded) = 5,500

    Dec 31
    Dr. Bad Debt Expense 5,500
    Cr. AFDA 5,500

    2)
    10% of AR
    0.10 x 110,000 = 11,000
    11,000 - 2,500 (already recorded) = 8,500

    Dec 31
    Dr. Bad Debt Expense 8,500
    Cr. AFDA 8,500
    dana78's Avatar
    dana78 Posts: 5, Reputation: 1
    New Member
     
    #6

    Apr 17, 2007, 01:20 PM
    Planning, keeping, analyzing, and interpreting financial records.
    dana78's Avatar
    dana78 Posts: 5, Reputation: 1
    New Member
     
    #7

    Apr 17, 2007, 01:28 PM
    What is planning keeping analyzing and interpreting financial records.

    Accounting clerks
    Accounting records
    Bookkeeping
    Accounting gaap
    dana78's Avatar
    dana78 Posts: 5, Reputation: 1
    New Member
     
    #8

    Apr 17, 2007, 01:30 PM
    Anything owned by the company

    Equity
    Liability
    Asset
    Capital
    Income
    dana78's Avatar
    dana78 Posts: 5, Reputation: 1
    New Member
     
    #9

    Apr 17, 2007, 01:31 PM
    Any thing owned by the company

    Equity
    Liability
    Asset
    Capital
    Income
    dana78's Avatar
    dana78 Posts: 5, Reputation: 1
    New Member
     
    #10

    Apr 17, 2007, 01:40 PM
    Jssma? Sorry to hear that, I hope u feel better soon. The answer to the 1st question

    Planning keeping analyzing and interpreting financial records

    -accounting clerks
    -accounting records
    -bookkeepers
    -GAAP
    mindo40's Avatar
    mindo40 Posts: 1, Reputation: 1
    New Member
     
    #11

    Dec 31, 2010, 04:43 AM
    The General Ledger contains the all of the accounts that make up the Income Statement and Balance Sheet. The transactions that affect the balances of these accounts come from the General Journal. So the Ledger holds the financial data on a per account basis, with the General Journal listing those entries that affect the Ledger on a per transaction basis.

    Example: In looking at a cash receipt for an invoice the Journal would show the transaction entry:

    Dr Cash
    Cr Accounts Receivable

    Then in looking at the Cash account in the Ledger would see the debit for the cash received.
    RamRatan's Avatar
    RamRatan Posts: 3, Reputation: 1
    New Member
     
    #12

    Jan 11, 2011, 01:37 AM
    General journal:-
    The general journal is where double entry bookkeeping entries are recorded by debiting one or more accounts and crediting another one or more accounts with the same total amount. The total amount debited and the total amount credited should always be equal, thereby ensuring the accounting equation is maintained.

    Depending on the business's accounting information system, specialized journals may be used in conjunction with the general journal for record-keeping. In such case, use of the general journal may be limited to non-routine and adjusting entries.

    format:-
    1:-A general journal entry includes:
    2:-The date of the transaction;
    3:-The title of account credited is indented several spaces
    4:-Titles of the accounts debited and credited;
    5:-The amount of each debit and credit; and,
    6:-An explanation of the transaction also known as a Narration.
    from Ram Ratan lohana
    karachi pakistan
    RamRatan's Avatar
    RamRatan Posts: 3, Reputation: 1
    New Member
     
    #13

    Jan 11, 2011, 01:44 AM
    General Ledger:-
    is a collection of the group of accounts that supports the value items shown in the major financial statements. It is built up by posting transactions recorded in the sales daybook, purchases daybook, cash book and general journals daybook. The general ledger can be supported by one or more subsidiary ledgers that provide details for accounts in the general ledger. For instance, an accounts receivable subsidiary ledger would contain a separate account for each credit customer, tracking that customer's balance separately. This subsidiary ledger would then be totalled and compared with its controlling account (in this case, Accounts Receivable) to ensure accuracy as part of the process of preparing a trial balance.

    IN general ledger It will usually include accounts for such items as current assets, fixed assets, liabilities, revenue and expense items, gains and losses. Each General Ledger is divided into debits and credits sections. The left hand side lists debit transactions and the right hand side lists credit transactions. This gives a 'T' shape to each individual general ledger account.

    if debit or credit balance is not equal then we take difference of both accounts. And where there is amount is less then other amount we will show that amount through c/f balance.
    RamRatan's Avatar
    RamRatan Posts: 3, Reputation: 1
    New Member
     
    #14

    Jan 11, 2011, 01:55 AM
    The difference between general journal or general ledger (in general journal the difference between debit or in credit is always equal )
    General ledger:-
    The amount difference between debit or credit is some time equal or some time the amount difference in debit or credit is not equal in case the balance is not equal we take difference of both amount in debit or in credit. And where there is amount is less then other amount we will show that amount through c/f balance.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Accounting Question [ 3 Answers ]

What type of account are these? Accumulated depreciation Long-term receivables Bond sinking fund Machinery Land Is long-term investments under the investment section on the balance sheet?

Basic heat only thermostat wiring question [ 5 Answers ]

I am replacing a Mears w/ a Lux LV2-1042: Double Pole, Line Voltage, Heating Only Thermostat. This is radiant floor elec heat. Am not sure which wires connect to which. The thermostat has 4 wires (2 red, 2 black) Out of the wall comes, from the top- 1 black wire (hot), 1 white (neutral) and the...

Accounting Question [ 1 Answers ]

I have to make a classified balance sheet for my homework assignment. I can get the current assets to equal $3,415, which is the correct total, but I can't get the total liabilities and stockholders equity to equal that. I don't know if Im not adding something into that section or what. Here's...

220V basic question [ 2 Answers ]

OK, maybe not... I have done many 110V rewire jobs in this house, and hooked up a 220V outlet for an electric range. All simple and straight-forward stuff. I just got a tankless electric water heater. It requires 220V. It has ONE hot wire coming out of it... Yup - just one. A black wire, a white...


View more questions Search