In reviewing the general ledger tab, you notice that the ending cash balance is listed in parentheses. This indicates that. "cash has an abnormal ending balance. Chances are that you have an incorrect journal entry."
The general ledger is considered an accounting document which provides a general overview of an organization's financial transactions. Under this document, each is a set of numbered accounts were a unique record summarizing a specific type of liability, asset, equity, revenue or expense.
Ledger entries appear in the order of accounts compared to the journal's chronological order. Adjusting journal entries are necessary as they ensure that your business activities are correctly recorded and that you are not paying for expenses before they happen.
Hence, your financial statements provide accurate data.
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