Financial Accounting Discussion Board

User Generated

vynlqnbmleg

Business Finance

Description

The assignment is:

Discuss the steps to take when the Trial Balance does not(balance). What should you do to find the error.

The answer has to be 250 words and I also need a reply to one of the answers which needs to be 50 words. I will upload the pictures for details

Unformatted Attachment Preview

This is a graded discussion: 100 points possible due Jan 21 Week 2 Discussion Patricia Harmon This as all other Discussions, is a graded component of the course. Please submit an original post by Wednesday of the current week, and respond to AT LEAST one of your classmates' posting by Sunday of the same week. Discussion guidelines (250 words original, 50 words response, references). Please pay attention to the requirements listed in the online and printed syllabus, and due dates posted in the course calendar. Here's the assignment: Discuss the steps to take when the Trial Balance does not (balance). What should you do to find the error? Subscribe Search entries or author Unread Reply O Robert Palek New York: McGraw-Hill Education, 2018. 69.70. Print. Reply O Malia Sasala Yesterday When you discover that the trial balance is not balanced, you first must determine where the error is. The easiest way to do this is to look at the journaling and examine the trial balance with the steps you created it in reverse order. The first step is to make sure that the trial balance columns are added correctly. If you find no errors there, step two is confirm that the account balances were accurately transferred from the ledger. Check the original ledger and verify that it matches your trial balance. Step three is to make sure that debit is not listed at credit and credit is not listed as debit. Verify that each transaction is listed correctly as debit or credit. One way to identify if step three has occurred is if the difference between total debits and total credits equals twice the amount of the incorrect amount balance. Step four is to check your math. Recalculate all of the account balances in the ledger. Confirm that you added the correct amounts on paper or with your calculator. If you still have not found the error, step five is check the original journal entry. Make sure that it has equal debits and credits. Be sure that all the numbers are recorded correctly and that all the transactions are in the correct column. After examining all of these elements, the error should be resolved. Wild, John J. Financial Accounting Fundamentals. New York: McGraw-Hill Education, 2018. 70. Print. Reply
Purchase answer to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached.

Surname 1
Name
Supervisor
Course
Date
Response to Malia
I agree Malia. After discovering that a trial balance is not balanced, the initial step is to
know where the error is. The best way to do this is by examining the trail balance using the steps
you followed in creating it but in a reversed manner. Then confirm if there is correct addition,
accurate transfer of entries, the debit entries are not credited and vice versa, confirm the math
and lastly ...


Anonymous
Excellent! Definitely coming back for more study materials.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Related Tags