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Business

Accounting

The verification that the sum of the debits and the sum of the credits in the ledger are equal is called:

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section22.4: Preparing Closing And Reversing Entries

Problem 1AYU

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

ME9
The verification that the sum of the debits and the sum of the credits in the ledger are equal is called:
a) A journal
b) A ledger
c) Posting
d) A trial balances

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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