Accounting is the practise of keeping track of a company's financial activities. Summarizing, analysing, and reporting these transactions to oversight authorities, regulators, and tax collection entities are all part of the accounting process.
The final phase in the accounting cycle is to prepare a post-closing trial balance. After closing entries, it is ready to assess the equality of debits and credits. The post-closing trial balance only contains actual accounts because temporary accounts have already been terminated.
For individual records, ledger posting entails entering information in the ledger, in relevant accounts from the journal. The debited account is posted to the debit side, while the credited account is posted to the credit side of the same account.
The debit balance is the amount of cash required in the customer's account after the execution of a security purchase order in order for the transaction to be properly settled.
A trial balance is a list of all the general ledger accounts in a business's ledger (including income and capital). The name of each nominal ledger account and the value of that nominal ledger balance will be included in this list. There will be a debit balance or a credit balance in each nominal ledger account.
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