Posting to the General Ledger
After you get all the details taken care of, you might still find you need to adjust ledger accounts. These entries are called general journal entries.
General journal entries are any entries made to correct or adjust balances in the general ledger accounts.
Some of the most common adjustments you make at month-end include recording depreciation and any prepaid expenses that relate to the month being closed. In Chapter 5, we calculated Lisa’s Candle Shop depreciation expenses and found that they totaled $254 for fixtures and furniture and $150 for equipment for the year. Because these numbers are ...