Exercise 13
General Ledger and the Trial Balance
Hopefully if you have come to this point you have completed
Exercises 7, 8, 9 and 10. In these exercises you worked on Journals
(Cash Payments, Cash Receipts, Purchases, Sales). Now it is time to
do something with your answers. So I hope you kept them!
Before proceeding with this exercise you might like to read the page
"The
General Ledger".
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Download the Microsoft
Excel Workbook containing the General Ledger
The General Ledger has been completed for January and February.
Your task will be to update the General Ledger with postings
for the month of March using the Journals you have completed
in Exercises 7, 8, 9 and 10.
You should try to be really careful. It is very easy to make
mistakes in posting journal summaries to the general ledger.
Common mistakes are as follows:
| 1 |
Posting to the wrong side i.e posting a debit
amount to the credit side of the general ledger (or vice
versa). |
| 2 |
Transposing figures as you post i.e. post
$369.60 as $396.60 (or similar errors) |
| 3 |
Failing to post the journal completely i.e.
missing an item becuase you did not tick off every item
as you go |
| 4 |
Making arithmetic errors in calculating new
account balances. |
| 5 |
Posting to the wrong account (this is not
an error that will show up by a General ledger that does
not balance. |
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When you have made all your journal
postings, and calculated new balances for each account, you should
prepare a new Trial Balance, and check that it balances. |
Obtain answers to exercises
Copyright Leo Isaac 2002
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