WHY DO WE DO A TRIAL BALANCE? Periodically it is necessary to check the accuracy of the ledger (your T-accounts) TRIAL BALANCETo do this we use a form.

Slides:

Advertisements

Similar presentations

G P Sessions, JD Work Sheets Accounting 1 Chapter 6.

Advertisements

Chapter 4 – The Simple Ledger

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 11-2 Posting to an Accounts Receivable Ledger.

Trial Balance. Accounting Cycle: 1. Transaction Occurs 2. Journal entry 3. General Ledger (t-accounts) 4. Trial Balance.

C HAPTER 4 Account Balances & Trial Balance. C ALCULATING THE B ALANCE OF A T-A CCOUNT Step 1 – Draw a line across the account at the end of the numbers.

Finding and Correcting Errors on a Work Sheet Chapter 6, Section 4.

© 2014 Cengage Learning. All Rights Reserved. Learning Objective © 2014 Cengage Learning. All Rights Reserved. LO5 Prepare a post-closing trial balance.

Recording Adjusting and Closing Entries for a Service Business Chapter 8, Section 3.

Trial Balance. The information for ledgers comes from balance sheets. -This means it is already in balance. As you make changes to the Ledger, it is possible.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 11-1 Posting to an Accounts Payable Ledger.

 When setting up a ledger, where does the beginning balance of ledger accounts come from? ◦ They come from a balance sheet. If your ledger starts from.

LESSON 11-1 Posting to an Accounts Payable Ledger.

Chapter 2 Balance Sheet Accounts. Terminology An Account is a form where changes in transactions are recorded A T-account helps us learn accounting Left.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 6-4 Finding and Correcting Errors on the Work Sheet.

Posting from a General Journal to a General Ledger Accounting I Chapter 4, Section 2.

Chapter 7.2 – Trial Balance out of Balance

Section 2Posting Closing Entries and Preparing a Post-Closing Trial Balance What You’ll Learn  How to record closing entries in the general ledger. 

Section 2Posting Closing Entries and Preparing a Post-Closing Trial Balance What You’ll Learn  How to record closing entries in the general ledger. The.

By Myrna Kopeechuk. Intended Audience Adult Learners who are: Adult Learners who are: Students of Basic Accounting Theory Course at the University College.

Section 3Preparing a Trial Balance What You’ll Learn  The purpose of a trial balance.  How to prepare a trial balance.  How to identify and locate trial.

Chapter 4.4: Trial Balance. Ledger A “book” storing all accounts Total of all debit balance accounts equal total of all credit balance accounts Supplies.

C HAPTER 4.4 Trial Balance. Chapter 4.4 Trial Balance - pg. 112 Figure 4.9: Completed Ledger for Pacific Trucking 2 What would happen if the $200 for.

Review POSTING Refer to link: Note%20-%20Posting.html Note%20-%20Posting.html.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 6-1 Creating a Worksheet.

Posting Separate Amounts from a Journal to a General Ledger POSTING TRANSFERRING INFORMATION FROM A JOURNAL ENTRY TO A LEDGER ACCOUNT POSTING.

LESSON 11-2 Posting to an Accounts Receivable Ledger.

Review POSTING Refer to link: Note%20-%20Posting.html Note%20-%20Posting.html.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 11-3 Posting from Journals to a General Ledger.

BUSINESS HIGH SCHOOL-ACCOUNTING I

LESSON 6-1 Creating a Worksheet

LESSON 6-1 Creating a Worksheet

LESSON 11-1 Posting to an Accounts Payable Ledger

Review….. Review…. Your Homework was… Page 96, Exercises 1,2,3 Page 107, ‘Exercise’ 1 A. (Use a T Account Ledger) Do the transactions for this ‘new’

$ $ $ $ Section 3 Preparing a Trial Balance What You’ll Learn

POST-CLOSING TRIAL BALANCE

$ $ $ $ Section 3 Preparing a Trial Balance What You’ll Learn

LESSON 6-1 Creating a Worksheet

LESSON 6-1 Creating a Worksheet

The Six-Column Work Sheet

The Trial Balance To set up our ledger, we use information from the balance sheet. Changes caused by transactions are recorded in the ledger. (T Accounts)

LESSON 11-1 Posting to an Accounts Payable Ledger

LESSON 6-1 Creating a Worksheet

LESSON 6-1 Creating a Worksheet

Posting to an Accounts Receivable Ledger

Lesson 4-3 Posting Column Totals from a Journal to a General Ledger

Lesson 4-3 Posting Column Totals from a Journal to a General Ledger

Lesson 4-2 Posting Separate Amounts from a Journal to a General Ledger

LESSON 6-1 Creating a Worksheet

Lesson 4-3 Posting Column Totals from a Journal to a General Ledger

LESSON 11-3 Posting from Journals to a General Ledger

LESSON 11-1 Posting to an Accounts Payable Ledger

Lesson 4-2 Posting Separate Amounts from a Journal to a General Ledger

LESSON 6-2 Planning Adjusting Entries on a Work Sheet

LESSON 11-1 Posting to an Accounts Payable Ledger

LESSON 6-1 Creating a Worksheet

LESSON 11-3 Posting from Journals to a General Ledger

LESSON 11-1 Posting to an Accounts Payable Ledger

LESSON 11-3 Posting from Journals to a General Ledger

Posting to an Accounts Receivable Ledger

Posting to an Accounts Receivable Ledger

STARTING A NEW PAGE FOR AN ACCOUNT IN A GENERAL LEDGER

Posting to an Accounts Receivable Ledger

The Six-Column Work Sheet

© 2014 Cengage Learning. All Rights Reserved.

The Six-Column Work Sheet

LESSON 6-1 Creating a Worksheet

LESSON 16-5 Preparing a Post-Closing Trial Balance

Chapter 10 $ Section 2 Posting Closing Entries and Preparing a Post-Closing Trial Balance $ What You’ll Learn How to record closing entries in the general.

Presentation transcript:

WHY DO WE DO A TRIAL BALANCE? Periodically it is necessary to check the accuracy of the ledger (your T-accounts) TRIAL BALANCETo do this we use a form called a TRIAL BALANCE Trial Balance

WHAT IS A TRIAL BALANCE? TRIAL BALANCETRIAL BALANCE - is simply the listing of the account balances in a ledger – it is used to see if the dollar value of the accounts with debit balances is equal to the dollar value of the accounts with credit balances 4.4 Trial Balance

KEY TERMS IN BALANCEIN BALANCE – if the debits equal the credits OUT OF BALANCEOUT OF BALANCE – if the debits don’t equal the credits 4.4 Trial Balance

STEPS TO CREATE A TRIAL BALANCE 1)Include the heading (who, what, when) 2)List all the accounts and their balances. 3)Place the debit balances in a debit column and the credit balances in a credit column. 4)Add up the 2 columns. 5)See if the 2 column totals are the same.

Trial Balance Example

ACCOUNTS DebitsCredits

If the 2 columns balance does that mean I did it right? NO 4.4 Trial Balance Sometimes the errors made were incorrect entries that just happened to be balanced.. This takes some skill to detect and solve