The purpose of the trial balance is to check the mathematical accuracy of the accounting records and ensure that the total debits equal the total credits. If they do not match, it indicates that there is an error in the accounting records that needs to be corrected. General ledger accounts that require subsidiary information must… Continue reading What Is the Importance of the After-Closing Trial Balance? Chron com
Category: Bookkeeping
What is Bookkeeping & why it is important? Methods of Bookkeeping
In this lesson I start by showing the full entries as you would expect to find them in your business records. Once the transaction is complete, a debit entry of $1,500 is added to the asset account, and a corresponding credit entry for the same amount is recorded to assets because of the cash spent. By… Continue reading What is Bookkeeping & why it is important? Methods of Bookkeeping