Trial Balance Flashcards
What two sections are in trial balance
Balance sheet / statement of financial position
and
nominal / statement of comprehensive income
What goes under the balance sheet/ statement of financial position section
Liabilities, assets, capital and drawings
What goes under the nominal / statement of comprehensive income section
Incomes and expenses
Where would accrued income, deferred income, accrued expense and prepaid expense go in the trial balance
In the balance sheet / statement of financial position section
Do you debit or credit assets in trial balance
Debit (except for accumulated depreciation on vehicles and equipment because it is a negative asset so It is credited)
Do you debit or credit liabilities in trial balance
Credit
Do you debit or credit capital in trial balance
Credit
Do you debit or credit drawings in trial balance
Debit
Do you credit or debit expenses in trial balance
Debit
Do you credit or debit incomes in trial balance
Credit
