The trial balance PART 1

Trial Balance In order to check that there is a matching debit for every credit entry, we do a trial balance. We enter all the debits in one column and all the credits in another column. The total in each column should balance. If it does not, then there is an error somewhere in your t-accounts (you may have missed a credit or debit entry)

Trial Balance Using your starter (Balancing-off accounts), prepare a trial balance Dr Cr Purchases Sales Returns inwards Returns outwards D.Small A.Lyon D.Huges M.Spencer Cash Total

ANSWERS Dr Cr Purchases 940 Sales 490 Returns inwards 15 Returns outwards 16 D.Small 220 A.Lyon 624 D.Huges 60 M.Spencer 45 Cash 445 355 Total 1,780

Review questions worksheet PEARLS Purchase Expenses Assets Revenue Liabilities Sales This may help you to remember which accounts to debit or credit when the increase in value DEBIT CREDIT