Question: List the five steps for posting to a general ledger account.

List the five steps for posting to a general ledger account.

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The general ledger is a fundamental component of the accounting system that contains all the accounts used by a business to record its financial transactions Posting to a general ledger account involves a series of steps to ensure accurate and organized recordkeeping Here are the five steps for posting to a general ledger account 1 Identify the Transaction Determine the specific financial transaction that needs to be recorded in the general ledger account This could include a sale purchase expense receipt or any other relevant transaction 2 Locate the Account Identify the appropriate general ledger account where the transaction should be recorded Each account in the general ledger represents a specific category of financial activity such as cash accounts receivable inventory or expenses 3 Determine the Debit or Credit Determine whether the transaction increases or decreases the account ... View full answer

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