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Acct. Oct. 17

Published on Mar 15, 2016

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PRESENTATION OUTLINE

1.

account balances

mr. melkonian
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ledger has following information

about each account
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name of account

written at the top
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dollar value of account and indication

of whether it's debit or credit
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5.

example

Photo by Ben Fredericson (xjrlokix)
6.

calculating the balance

two steps
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7.

add both sides separately

called pin totals or pencil footings
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8.

subtract small total from larger one

write result beside or beneath the larger of the two pin totals, circle it
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balance sheet and ledger

must balance!
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10.

Trial Balance

SOMETIMES WE CHECK THE ACCURACY OF A LEDGER
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Trial balance is a listing of the account balances in a ledger. Used to see if the dollar value of accounts with debit balances is equal to credit balances.

Photo by paulwoolrich
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add up credit and debit balance

should be the same total - in balance
Photo by Leo Reynolds
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if numbers aren't the same

ledger is out of balance
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how to do a trial balance

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list all accounts and their balances

Photo by CJ Czarnowski
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debits in one column, credits in the other

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add up the two columns

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if both numbers are the same you're good

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make sure to put heading at the top

'trial balance'
Photo by Tilemahos Efthimiadis
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why is this important?

if numbers aren't in balance at least one number is wrong - bad!
Photo by Sukanto Debnath
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what happens if it's out of balance?

find the mistake, fix it!
Photo by guilherme@lbuquerque
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errors could include

faulty addition, entering an item on the wrong side, or other mistakes
Photo by Neil Crosby
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could be wrong even if it's balanced

could be a mistake on both sides, tougher to catch
Photo by Richard Elzey
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Untitled Slide

Peter Melkonian