« What is opening entry ? Give an example
Answers
Answer:
opening entry means letter starting
Explanation:
ex:hlo i am tansi how are you
Answer:
The opening entry is the entry that reflects the accounting situation of the company at the beginning of each fiscal year. It is made up of all the balance sheet accounts that have an open balance, registering the Assets accounts in the Debt of the entry and the Liabilities and Net Equity accounts in the Credit.
Opening Entry Example:--
If a company has been keeping records using a single entry basis or, for example, a freelancer decided to start keeping records a double-entry accounting system, and they will need to create an opening entry. Thus, after reviewing their bookkeeping records, they might find the following balances for assets and liabilities.