Which ledger accounts to balance?

[LFTM]

I'm doing a practice sac and it says Balance all appropriate ledger accounts, so would i balance all asset, liability and owner's equity accounts?

Do i also need to balance the subsidiary ledger? And what happens if an account balances, would i put 0 for the first day of the next month?

[davyp3]

balance everything

[Albeno69]

I'm doing a practice sac and it says Balance all appropriate ledger accounts, so would i balance all asset, liability and owner's equity accounts?

Do i also need to balance the subsidiary ledger? And what happens if an account balances, would i put 0 for the first day of the next month?

no 0 what ever the ballance is say for cash at bank
1 JUL-balance $600 DR
31 JUL-cash recipts 400 DR
31 JUL- cash payments 600 CR
31 JUL-Balance 400 DR
this is just an example that you balance everything but not to zero to what ever it goes to ge 400 on obove example,
hope it helps

[Buharrr]

assets liabilities and owners equity items must be balanced as they will exist in future reporting periods, and therefore you must state the balance as $0 for an account that has equal Dr and Cr so as to show that the account has a balance of $0 in the next (future) reporting period.

[LFTM]

I'm doing a practice sac and it says Balance all appropriate ledger accounts, so would i balance all asset, liability and owner's equity accounts?

Do i also need to balance the subsidiary ledger? And what happens if an account balances, would i put 0 for the first day of the next month?

no 0 what ever the ballance is say for cash at bank
1 JUL-balance $600 DR
31 JUL-cash recipts 400 DR
31 JUL- cash payments 600 CR
31 JUL-Balance 400 DR
this is just an example that you balance everything but not to zero to what ever it goes to ge 400 on obove example,
hope it helps

I don't really get what you're saying, can you explain again?

Sorry

[Albeno69]

I'm doing a practice sac and it says Balance all appropriate ledger accounts, so would i balance all asset, liability and owner's equity accounts?

Do i also need to balance the subsidiary ledger? And what happens if an account balances, would i put 0 for the first day of the next month?

no 0 what ever the ballance is say for cash at bank
1 JUL-balance $600 DR
31 JUL-cash recipts 400 DR
31 JUL- cash payments 600 CR
31 JUL-Balance 400 DR
this is just an example that you balance everything but not to zero to what ever it goes to ge 400 on obove example,
hope it helps

I don't really get what you're saying, can you explain again?

Sorry

when you have an accont and a business uses that account you need to balance it so the nusiness know what to carry forward if any.
eg as above a business has
600 balance
made 600 of payments
received 400 for sold stock ext
there is 400 that is unaccounted for and must be in order for the ledger to work.
1 JUL-balance $600 DR
31 JUL-cash recipts 400 DR
31 JUL- cash payments 600 CR
31 JUL-Balance 400 DR
you have a 400 balance that is the amount left over after that month of transactions.
what textbook are you using?

[LFTM]

I'm doing a practice sac and it says Balance all appropriate ledger accounts, so would i balance all asset, liability and owner's equity accounts?

Do i also need to balance the subsidiary ledger? And what happens if an account balances, would i put 0 for the first day of the next month?

no 0 what ever the ballance is say for cash at bank
1 JUL-balance $600 DR
31 JUL-cash recipts 400 DR
31 JUL- cash payments 600 CR
31 JUL-Balance 400 DR
this is just an example that you balance everything but not to zero to what ever it goes to ge 400 on obove example,
hope it helps

I don't really get what you're saying, can you explain again?

Sorry

when you have an accont and a business uses that account you need to balance it so the nusiness know what to carry forward if any.
eg as above a business has
600 balance
made 600 of payments
received 400 for sold stock ext
there is 400 that is unaccounted for and must be in order for the ledger to work.
1 JUL-balance $600 DR
31 JUL-cash recipts 400 DR
31 JUL- cash payments 600 CR
31 JUL-Balance 400 DR
you have a 400 balance that is the amount left over after that month of transactions.
what textbook are you using?

I'm using cambridge. I get the balancing procedure, i'm just not sure which accounts to balance if it says balance appropriate accounts and what to do if an account has the same amount of debits to credits. But I'm assuming it's all assets, liabilities and owner's equity accounts that i balance?
I balance the subsidiary as well right?

[Albeno69]

I'm doing a practice sac and it says Balance all appropriate ledger accounts, so would i balance all asset, liability and owner's equity accounts?

Do i also need to balance the subsidiary ledger? And what happens if an account balances, would i put 0 for the first day of the next month?

no 0 what ever the ballance is say for cash at bank
1 JUL-balance $600 DR
31 JUL-cash recipts 400 DR
31 JUL- cash payments 600 CR
31 JUL-Balance 400 DR
this is just an example that you balance everything but not to zero to what ever it goes to ge 400 on obove example,
hope it helps

I don't really get what you're saying, can you explain again?

Sorry

when you have an accont and a business uses that account you need to balance it so the nusiness know what to carry forward if any.
eg as above a business has
600 balance
made 600 of payments
received 400 for sold stock ext
there is 400 that is unaccounted for and must be in order for the ledger to work.
1 JUL-balance $600 DR
31 JUL-cash recipts 400 DR
31 JUL- cash payments 600 CR
31 JUL-Balance 400 DR
you have a 400 balance that is the amount left over after that month of transactions.
what textbook are you using?

I'm using cambridge. I get the balancing procedure, i'm just not sure which accounts to balance if it says balance appropriate accounts and what to do if an account has the same amount of debits to credits. But I'm assuming it's all assets, liabilities and owner's equity accounts that i balance?
I balance the subsidiary as well right?

yea that right though you dont need to balance accounts with one transaction and yea you balance all assets liabilities and owners equity items must be balanced as they will exist in future reporting periods. if something is at 0 then you dont need to balance it because the account has no balance.

[LFTM]

I'm doing a practice sac and it says Balance all appropriate ledger accounts, so would i balance all asset, liability and owner's equity accounts?

Do i also need to balance the subsidiary ledger? And what happens if an account balances, would i put 0 for the first day of the next month?

no 0 what ever the ballance is say for cash at bank
1 JUL-balance $600 DR
31 JUL-cash recipts 400 DR
31 JUL- cash payments 600 CR
31 JUL-Balance 400 DR
this is just an example that you balance everything but not to zero to what ever it goes to ge 400 on obove example,
hope it helps

I don't really get what you're saying, can you explain again?

Sorry

when you have an accont and a business uses that account you need to balance it so the nusiness know what to carry forward if any.
eg as above a business has
600 balance
made 600 of payments
received 400 for sold stock ext
there is 400 that is unaccounted for and must be in order for the ledger to work.
1 JUL-balance $600 DR
31 JUL-cash recipts 400 DR
31 JUL- cash payments 600 CR
31 JUL-Balance 400 DR
you have a 400 balance that is the amount left over after that month of transactions.
what textbook are you using?

I'm using cambridge. I get the balancing procedure, i'm just not sure which accounts to balance if it says balance appropriate accounts and what to do if an account has the same amount of debits to credits. But I'm assuming it's all assets, liabilities and owner's equity accounts that i balance?
I balance the subsidiary as well right?

yea that right though you dont need to balance accounts with one transaction and yea you balance all assets liabilities and owners equity items must be balanced as they will exist in future reporting periods. if something is at 0 then you dont need to balance it because the account has no balance.

ok. Thanks for the help.

[Albeno69]

I'm doing a practice sac and it says Balance all appropriate ledger accounts, so would i balance all asset, liability and owner's equity accounts?

Do i also need to balance the subsidiary ledger? And what happens if an account balances, would i put 0 for the first day of the next month?

no 0 what ever the ballance is say for cash at bank
1 JUL-balance $600 DR
31 JUL-cash recipts 400 DR
31 JUL- cash payments 600 CR
31 JUL-Balance 400 DR
this is just an example that you balance everything but not to zero to what ever it goes to ge 400 on obove example,
hope it helps

I don't really get what you're saying, can you explain again?

Sorry

when you have an accont and a business uses that account you need to balance it so the nusiness know what to carry forward if any.
eg as above a business has
600 balance
made 600 of payments
received 400 for sold stock ext
there is 400 that is unaccounted for and must be in order for the ledger to work.
1 JUL-balance $600 DR
31 JUL-cash recipts 400 DR
31 JUL- cash payments 600 CR
31 JUL-Balance 400 DR
you have a 400 balance that is the amount left over after that month of transactions.
what textbook are you using?

I'm using cambridge. I get the balancing procedure, i'm just not sure which accounts to balance if it says balance appropriate accounts and what to do if an account has the same amount of debits to credits. But I'm assuming it's all assets, liabilities and owner's equity accounts that i balance?
I balance the subsidiary as well right?

yea that right though you dont need to balance accounts with one transaction and yea you balance all assets liabilities and owners equity items must be balanced as they will exist in future reporting periods. if something is at 0 then you dont need to balance it because the account has no balance.

ok. Thanks for the help.

canbridge has alot of mistakes in it from what im told.

[Yitzi_K]

By the time you come to balancing, all the revenue and expense accounts should have been closed to the profit/loss summary account, and in turn the drawings and p/l summary accounts should have been transferred to the capital account.

This means that you're only left with the asset, liability and owners equity accounts, all of which need to be balanced.