The Way to Close All the Accounts of the Old Ledger. The Preparation o

Chapter

ABSTRACT

Having verified the accuracy of the books, close the Ledger accounts in this way: Commence with the Cash account, then Accounts Receivable (debtors), then Merchandise, etc. Transfer the balances from these accounts to the new Ledger. Do not, as was stated above, enter the balances in the Journal.

The Way to Close All the Accounts of the Old Ledger. The Preparation of the Trial Balance, Which Totals All of the Debits and Credits.

ABSTRACT