Trial bal­ance

Jamaica Gleaner - - YL - HYACINTH TUGMAN Con­trib­u­tor Rox­anne Wright at Im­mac­u­late Academy. Send ques­tions and com­ments to kerry-ann.hep­burn@glean­

AS WE en­ter this week’s les­son, we must re­mem­ber that at the end of an ac­count­ing pe­riod a sched­ule known as the trial bal­ance is pre­pared to com­pare the to­tal of all debit bal­ances and the to­tal of all credit bal­ances. This is made pos­si­ble since ev­ery trans­ac­tion re­sults in an equal amount of deb­its and cred­its in the ledger. The to­tal of the debit en­tries MUST equal the to­tal of the credit en­tries in the ledger.


The fol­low­ing trial bal­ance for Rosie Ray­mond Co Ltd fea­tures cer­tain ac­counts that have been recorded in­cor­rectly; hence, it does not bal­ance.


You are re­quired to: a. Record the fol­low­ing trans­ac­tions in the ‘T’ ac­counts of BestLook Dry Clean­ers Com­pany. b. Pre­pare a trial bal­ance as at De­cem­ber 31, 2016. 1. Opened a busi­ness bank ac­count with $36,000. 2. Pur­chased sup­plies for cash $660. 3. Pur­chased equip­ment from Hi­lary Clean­ing Equip­ment Co Ltd for $10,500, pay­ing $4,500 in cash and the bal­ance on ac­count. 4. Paid the rent for the month $1,275. 5. Cash sales for the month $5,550. 6. Paid salaries of $1,125. 7. Paid $1,500 on ac­count to Hi­lary Clean­ing Equip­ment Co Ltd. 8. The cost of sup­plies used was de­ter­mined to be $180.

This is where we end for this week. Join us next week as we con­tinue to com­plete the syl­labus. Grasp the con­cepts and re­tain them. You will need them as you progress to ex­cel­lence. See you next week.




WORKED EX­AM­PLE 2B Best-Look Dry Clean­ers Com­pany Ltd Trial Bal­ance as at De­cem­ber 31, 2016

Rosie Ray­mond Co Ltd Trial bal­ance at De­cem­ber 31, 2016 You are re­quired to: Pre­pare a cor­rected trial bal­ance.

Rent Ex­penses


Rosie Ray­mond Co Ltd Cor­rected trial bal­ance at De­cem­ber 31, 2016

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