John Jones, a new university graduate, has just been appointed as an assistant accountant in the small
Question:
John Jones, a new university graduate, has just been appointed as an assistant accountant in the small business division of a public accounting practice. One of John’s first tasks is to verify the balances in the ledger of a new client. A trial balance listing was completed but it did not balance.
Required
Write a memorandum to John Jones explaining the purpose of the trial balance, outlining the types of recording errors a trial balance will and will not detect.
Step by Step Answer:
Memo to John Jones The trial balance is a listing at the end of each period showing the debits and c...View the full answer
Financial Accounting Reporting Analysis And Decision Making
ISBN: 9780730313748
5th Edition
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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