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2 cards from this section. Quick, good the night before a test.
Define a journal entry and its components.
Think about what columns are necessary to record a transaction.
What is a trial balance and why is it important?
Consider its role in bookkeeping.
What is the first step in recording a transaction in accounting?
Remember how you start documentation in accounting.
True or False: A trial balance always ensures that there are no errors in accounting.
What does a trial balance actually verify?
Prepare a series of journal entries for the following transactions: 1. Owner invests ₹50,000; 2. Buys equipment for ₹20,000 cash; 3. Revenue earned of ₹30,000.
Think about how each transaction impacts debit and credit.
Based on the ledger accounts created in earlier exercises, analyze if the totals balance after inputting transactions.
Use SUM functions to check balances in Excel.
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