Trial Balance (Module: 10) COMPLETE

Question 1

What is the purpose of a trial balance?

Answer 1

To find any errors in the accounting process,

Question 2

What are the two sections of a trial balance?

Answer 2

like the general ledger there’s the balance sheet section and the nominal section

Question 3

If an account has been added to the debit side of the general ledger, which side of the trial balance will it be added to?

Answer 3

The debit side.

All accounts in the debit side of the general ledger are added to the debit side and same goes for the credit side.

Question 4

How can you tell if there’s an error in the trial balance?

Answer 4

If the total amounts from the credit side and the debit side of a trial balance are unequal, then errors are likely the cause.

Question 5

Rent income. Which side and section would this account be recorded in the trial balance if it had increased?

Answer 5

Credit side, Nominal section.

Question 6

Rent expense. Which side and section would this account be recorded in the trial balance if it had increased?

Answer 6

Debit side, Nominal section

Question 7

Trading stock. Which side and section would this account be recorded in the trial balance if it had decreased?

Answer 7

Credit side, Balance sheet section

Question 8

Cost of sales. Which side and section would this account be recorded in the trial balance if it had increased

Answer 8

Debit side, balance sheet section

Question 9

Which amount do you do ad to the trial balance is this super cool and balanced account?

|Dr…………………………….Bank…………………………..Cr|
|Amount | fol | Reason || Amount| fol |Reason.|
|R7000…..|b/d|Balance ||R8000…..|CPJ |Tot_Pay|
|R3000…..|CRJ|Tot_Rec..||R2000….|c/d|………….|
|R10000…|……|…………….||R10000..|…….|………….|
|R2000…..|b/d|Balance ||…………..|…….|………….|