At the same time this entry is made, the completed job's cost sheet is removed from the Job Cost Ledger, marked "completed" and filed.
Various ledger accounts are used to record cash transactions; some common examples are cash on hand, petty cash, and cash in Banks.
The accounts are usually on loose leaves or CARDS. A ledger is composed of these leaves or CARDS when they are kept together in a book.
Adjusting entries are made in the general journal and posted to the related ledger accounts.
Preparing an after-closing trial balance. Ensuring that the ledger" remains in balance after posting of the closing entries.
Making end-of-period adjusting entries, journalizing and posting them in ledger accounts.
After the transaction HAS been recorded in the journal, the debit and credit changes in the individual accounts are entered in the ledger.
It controls a subsidiary ledger called Job Cost Ledger, which contains a Job cost sheet.
A business that carries checking accounts with several banks will maintain a separate ledger account for each bank account.
Preparing an adjusted trial balance, proving again the equality of debits and credits in the ledger account.