Question: What is a trial balance and what is its purpose
What is a trial balance and what is its purpose? Why doesn't a trial balance guarantee that your accounting is "correct"?
Answer to relevant QuestionsExplain how information recorded in the general journal (using journal entries) is organized differently from the information in the general ledger (posted from the general journal)Why aren't dividends treated as an expense? For each of the events listed below, indicate whether the event represents a transactional entry, an adjusting entry, or no entry in the accounting system. Assume the accounting system is designed to collect information on ...For each of the events described in Exercise E3-9, prepare the journal entry necessary to record the event. Create a T-account for each account you use and post the journal entries to the appropriate T-accounts.Record the journal entries needed for the following adjustments:a. Depreciation expense of $25,000.b. Accrual of $5,000 of interest revenue.c. Accrual of $10,000 consulting expense.d. Recognition of $6,000 of revenue ...
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