CH2 FRAME 10-13

CH2 FRAME 10-13 - 17:24 FRAME10 ANEXTENDEDILLUSTRIATION

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
17:24 FRAME 10 AN EXTENDED ILLUSTRIATION Recording an entry in the accounts 1. Analyze the transaction to determine whether the accounts affected are asset, liability,  SE, revenue, or expense 2. Determine the names of the accounts affected by the transactions 3. Determine the amounts of the individual increases or decreases FRAME 11 FRAME 12 COMPUTING THE ACCOUNT BALANCE the debit and credit sides are each separately totaled the smaller figure is subtracted from the larger TRIAL BALANCE OF LEGER ACCOUNTS If transactions correctly entered in accounts The ledger will balance A means of testing the mathematical accuracy of the ledger at a specific date A list of the names and dollar balances of all the ledger accts To Prepare: Name of each account is listed at the left of a sheet of paper, together with the number  of the acct Debit balances listed in one column. Credit balances to the right of the debit balance From trial balance  the statement of financial position
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This document was uploaded on 11/04/2011 for the course SPEA-V 246 at Indiana.

Page1 / 4

CH2 FRAME 10-13 - 17:24 FRAME10 ANEXTENDEDILLUSTRIATION

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online