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Chapter 5 - The trial balance. After completing this chapter, students will be able to: Prepare a trial balance, locate accounting errors in the trial balance and ledger accounts, correct accounting errors in the trial balance and ledger accounts. | CHAPTER FIVE The Trial Balance 1. Prepare a trial balance. 2. Locate accounting errors in the trial balance and ledger accounts. 3. Correct accounting errors in the trial balance and ledger accounts. THE TRIAL BALANCE Objectives: 5- Preparing the Trial Balance The first step is to pencil foot each account. Next, list the accounts and their balances in pencil. Debits and credits are totaled. If total debits equal total credits the trial balance is in balance. 5- Finding Errors in the Trial Balance and the Accounts Total the trial balance columns again to make sure that the addition is correct. Check to see whether any account balance has been omitted from the trial balance. 5- Finding Errors in the Trial Balance and the Accounts (continued) Compare the figures on the trial balance with the account balances to verify that the correct amounts have been listed on the trial balance and that they were placed in the proper money columns. 5- Errors Not Revealed by the . | CHAPTER FIVE The Trial Balance 1. Prepare a trial balance. 2. Locate accounting errors in the trial balance and ledger accounts. 3. Correct accounting errors in the trial balance and ledger accounts. THE TRIAL BALANCE Objectives: 5- Preparing the Trial Balance The first step is to pencil foot each account. Next, list the accounts and their balances in pencil. Debits and credits are totaled. If total debits equal total credits the trial balance is in balance. 5- Finding Errors in the Trial Balance and the Accounts Total the trial balance columns again to make sure that the addition is correct. Check to see whether any account balance has been omitted from the trial balance. 5- Finding Errors in the Trial Balance and the Accounts (continued) Compare the figures on the trial balance with the account balances to verify that the correct amounts have been listed on the trial balance and that they were placed in the proper money columns. 5- Errors Not Revealed by the Trial Balance Omitting a transaction completely. Debiting or crediting the wrong accounts. Entering the amount of a transaction incorrectly. Entering the same transaction twice. 5- Correcting Errors in the Trial Balance and the Accounts If the error is in pencil you may erase it and replace with other penciled figures. If the error is in ink you must draw a single, ruled-line through the error and write the correct figure above it. 5- Correcting Errors in the Trial Balance and the Accounts (continued) If the wrong account is debited or credited, then an entry should be recorded to correct the error. 5- Accounting Terminology Accounting errors Trial balance 5- Chapter Summary The accuracy of the accounts must be checked before financial reports are prepared. The procedure for checking the equality of debits and credits in the accounts is called taking a trial balance. 5- Chapter Summary (continued) The first step in taking a trial balance is to find the balances of the .
