Exercise 13: General Ledger and the Trial Balance
An exercise in which students post the summaries from the Cash Payments, Cash Receipts, Purchases and Sales Journals to the GeneraL Ledger and the extract a 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".
To commence this exercise you must download a Microsoft Excel file 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:
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.
Answer to this Exercise
You can obtain an answer to this and all other accounting exercises on this website:
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