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Opening and Closing Journal Entries and the Techniques to Do Them

by Jul 9, 2017Accounting

Making opening and closing entries in answers such as opening and closing journal entries homework answers may prove to be a challenge for new business students. Taking help of various online homework assignment help services proves beneficial in such a situation.

Such services help you in the way that they provide you information about the subject of your choice in a proper format which eventually lets you learn it thoroughly as well as imbibe it in your mind. With such systematized study, you can recall that piece of information even after a long time in future.

Various types of entries recorded in general journal: Know them

To produce a good quality assignment of journal proper, one needs to know about the various types of entries that can be noted in this book. Generally, journal proper is used for making entries that cannot be included in a subsidiary book and therefore, are recorded in a separate book. In today’s world, journal proper is a rarely used book amongst those in any business firm.

The various types of entries that are included in journal proper in general are rectification entries, adjustment entries, opening and closing entries, to name a few. Rectification entries are the ones made to rectify any errors at the end of the financial year. With manuals as opening and closing journal entries homework answers, you can get a better idea.

Adjustment entries are made at the end of the year to adjust the balances of a closing account. Likewise, opening and closing entries are made at the start and end of a financial year respectively and include transactions concerning the income and expenses of the firm.

 Detailed understanding is important

 If one wants to do great in his business career, he needs to know each and everything from the root to the tip in the area he’s dealing with. Various homework help services available on the web emphasize on the crucial points and provide them to in an elaborate form through the homework answers they deliver to you. You can avail yourself of such services and increase your academic grades in various business courses.

One of the crucial points that such services lay emphasis on in answers such as opening and closing journal entries homework answers understands the meaning of the two types of entries, namely opening and closing entries that are recorded in journal proper book.

Discussing them in the same order, opening entries are the ones that are recorded in the journal proper when a businessman starts a business for a new financial year and journalizes various assets and liabilities in the book. Closing entries are the ones that are made at the end of accounting period, whereby all books are balanced, and balance of all income and expense accounts is transferred to trading and profit and loss accounts.

Know the techniques to make these entries in a journal proper

Although journal proper is now limited in usage, and so are the various entries noted in it. The most important ones of the various types are opening and closing entries. This makes the knowledge of techniques of making such entries necessary to produce such answers impeccably.

The techniques are simple and include some basic points to remember while you write your homework answers such as opening and closing journal entries homework answers. One can get more descriptive contents by subscribing to available homework help services.

Make notes of the various accounts  of each entry

In order to make any entry in a journal proper, the first requisite is to enlist all the accounts that are to be mentioned in each type of entry. Generally, opening entries contain accounts such as cash, stock in trade, machinery, furniture, sundry debtors, sundry creditors, bank loans, etc. Likewise, closing entries contain a list of accounts including those in adjusted trial balance.

Accounts in adjusted trial balance are temporary accounts basically. Their balances are transferred to permanent accounts at the end of a financial year via the closing entries. One needs to write more details on adjusted trial balance in answers such as opening and closing journal entries homework answers. Many services are nowadays available online to help students by providing the same.

Know the way of making the entries

In order to make various entries in the journal proper correctly, one needs to be aware of the way of making those entries. In opening and closing entries as well as other entries made in a journal proper, the various accounts that are included in a certain type of entry are enlisted first, and the respective amounts are belonging to each of the categories are entered.

For example, if in an opening entry, the various accounts included are cash and sundry debtors and the amount belonging to them are $3500 and $5000, then the corresponding opening entry is made by writing both cash and sundry debtors in account column, and entering the respective cash balance before each of them.

This is followed by the accounts to which the payments are to be made such as sundry creditors and bank loans. Below these entries is written ‘ included in opening entry’ as parenthesis.

Likewise, for closing entry, the various accounts are enlisted in the same way followed by ‘included in closing entry’ as parenthesis. Subscribing to various homework help services to write homework answers such as opening and closing journal entries homework answers has been known to be beneficial to many students worldwide according to the reviews given by students.