The trial balance is a worksheet on which you list all your general ledger accounts and their debit or credit balance. It is a tool that is used to alert you to errors in your books. The total |
When preparing a trial balance, the total debits must equal the total |
The general journal is usually a two-column journal used for unusual and annual accounting entries that aren't recorded in the sales and cash receipts and |
Certain end-of-period adjustments must be made when you close your books. Adjusting entries are made at the end of an accounting period to account for items ... |
If you have employees, chances are you owe them a certain amount of wages at the end of an accounting period. If so, an adjusting entry is required in your ... |
One component of the payroll taxes you deposit with the government is FICA tax (made up of Social Security and Medicare taxes) One-half of the FICA you pay is withheld from employees; the other half ... |
Do you pay property taxes on buildings or land? Your tax payment may not be due for several months, but in reality you incur one-twelfth of your annual property tax bill every month. At the end of ... |
If you've been making monthly payments on a loan, you will probably need to make an adjusting entry in your general ... |
Typically, insurance premiums are paid when coverage begins. So if you paid for an insurance policy during the accounting period, you probably bought coverage for several months or a year in advance. ... |
Do you maintain an inventory of merchandise for sale to your customers? If so, you need to physically count the items that are in your inventory at the ... |
