Cash in hand Cash at bank Capital Drawings Motor vehicles Trade receivables 400 Trade payables 6,800 Sales 18,000 Purchases 300 Returns Outwards 8,500 Wages 2,100 Rent & rates 5,425 12,400 9.400 275 5,000 3,600

Q: Discuss the THREE uses of Trial Balance  and by providing example for each use of Trial Balance?

A: A trial balance is a schedule in which total of debit column is always equals to credit. If there is…

Q: What is the difference between a ledger and a trial balance?

A: A Ledger Is Described Often, a ledger is referred to as a ledger book. Today, the roster and its…

Q: What is the purpose of the trial balance?

A: A trial balance is a bookkeeping worksheet in which the balance of all ledgers are compiled into…

Q: Whats a trial balance

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: Use practical example to discuss how double entry principle is applied in extracting a trial balance

A: Trial balance refers to the worksheet which helps in detecting the mathematical errors that have…

Q: THREE uses of Trial Balance

A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…

Q: What is the trial balance of balances

A: Business organizations generally prepare a statement that contains the balances of all the ledgers…

Q: trial balance

A: The trial balance shows the account list of the general ledger that states the ledger of the…

Q: DO DEBITS AND CREDITS HAVE TO EQUAL ON A TRIAL BALANCE??

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: Why is it important to verify if the activity on the trial balance equals the activity per the…

A: The activity in the trial balance means the accounts listed on the both side of trial…

Q: The June 30, 2022 statement of financial position of Red Corporation shows a cash balance of…

A: According to the given question, we are required to compute the cash and cash equivalents of Red…

Q: Is it necessary that a trial balance be prepared periodically? What purpose does it serve?

A: Trial balance: A trial balance is the list of all the ledger accounts. The trial balance is prepared…

Q: Explain an example of trial balance.

A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…

Q: What are the methods of preparing trial balance?

A: Trial balance is the workbook that maintains all balances of ledgers in a particular period.  It is…

Q: What is a trial balance? To what does the term “balance” refer?

A:

Q: State the meaning of a trial balance?

A: Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting…

Q: What IF function can be used to determine whether or not an amount in a certain cell should be a…

A: A journal entry is the first step in including a transaction into the books of accounts. Under the…

Q: how do you do an adjusted trial balance sheet to it?

A: Adjusted Trial Balance - Adjusted Trial Balance is a Summary of all the ledgers after posting…

Q: Is it necessary that a trial balance be taken periodically?What purpose does it serve?

A: Trial balance: A trial balance is the list of all the ledger accounts. The trial balance is prepared…

Q: can you explain how to get the opening balances

A: Opening balances of the account is the balance of an account which it is having at the beginning of…

Q: Define Debit

A: Accounting depends on double entry system. As per dual aspect principle of accounting, each and…

Q: What is the chart of the account? Explain?

A: A chart of accounts is a listing of the names of the accounts that a company has identified and made…

Q: what is a trial balance?

A: Trial balance is the summary of accounts, where their total debit and credit balances must be equal…

Q: what are opening balances

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Distinguish between substantive tests of transactions and tests ofdetails of balances. Give one…

A: Distinguish between substantive tests of transactions and tests of details of balances.

Q: Summarize the adjusting process.

A:

Q: Explain what accruals and deferrals do and give examples of each.

A:

Q: Explain what accruals are and give an example. Explain what prepayments are and give an example.

A: Accruals are incomes and expenses which relates to current period. For example - payment for…

Q: Discuss the methods of preparation  and the utility of a Trial balance

A: Trial balance: Trial balance is a summary of all the ledger account balances presented in a tabular…

Q: What's the difference between a balance sheet and a trial balance?

A: Lets start with basic understanding. For recoding transaction books of account, journal entry is…