ACCOUNTING EXPERTISE

ALL ABOUT ACCOUNTING : 43rd BLOG           💎 ACCOUNTING💎 ★ Accounting exercise and practices :   Lesson : 4 [Part : 4] Hi friends  🙏 Today's discuss remaining part of summarizing changes in financial position                               So let's discuss .... ★  SUMMARIZING CHANGES IN FINANCIAL POSITION :   ⭐ ACCOUNT BALANCES : Once journal entries have been made and the general journal completed, the account balances for each ledger account must be determined. This is done by listing all of the debits and credits by ledger account into the general ledger. The process of copying journal entry information from the general journal to the general ledger is called posting. In the posting process, journal debits become ledger account debits, and likewise, journal credits become ledger account credits. An account balance can be determined at any point in this process by adding or subtracting the debits and credits listed in the ledger account.  It should be noted hear that balanc