Accounting Chapter 2 Notes

This step shows there the data came from in this case

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: using the rules of debit and credit. (Review Section, lots of Graphs) PG 101 Preparing the Trail Balance from the T- Accounts - Trail balance summarizes the ledger (T- Account) by listing all the accounts with their balances- assets first, followed by liabilities, and then stockholders’ equity. - (warning!) Do not confused trail balance with the balance sheet. A trail balance is an internal document used ONLY by the company insiders. Outsiders see only the company’s financial statements, not the trial balance. PIC: Trial Balance Smart Touch Learning, Inc. Trial Balance April 3 0, 2013 Balance Account Title Debit Cash $21,000 Account Receivable 1,000 Office Supplies 500 Land 11,000 Accounts Payable… Details of ….Total…. 33500 Journals and Ledgers - The transaction date, April 1, 2013 - The accounts debited and credited, along with their dollar amount - Posting reference, abbreviated Post. Ref. (Balance Cont.) Credit 300 300 Details of Journalizing and Posting Journal Entry Accounts and Explanation Post Ref. Cash (A+) 101 Common Stock (Q+) 301 Issued Stock Date 2013 April 1 Debit 30,000 Credit 30,000 Ledger...
View Full Document

This note was uploaded on 04/08/2014 for the course ECON 121 taught by Professor Ronald during the Spring '11 term at UMBC.

Ask a homework question - tutors are online