write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas.
Please complete the following with NO big words or complicated sentences please:
You have learned a lot about account names, journal entries and financial statements. You have also learned how to prepare closing entries. Now we are going to look more closely at the trial balance. A trial balance is prepared a few times during the accounting cycle. A trial balance is a list of accounts, with their balance included in either a debit or a credit column. When complete, the debits will equal the credits.
Please read this article about trial balance errors:
Trial Balance Errors : revealed and not revealed errors – Accountinguide
On the trial balance, when the debits equal the credits, is it possible that the trial balance is incorrect? Please explain.
Provide an example for how the trial balance helps the user complete the financial statements
It is very important to know not only the account names but also the classification of each account. In the beginning, this can feel like learning a foreign language. This assignment will help you learn the account names and classifications and feel more secure moving forward. You will enter each common account name under the classification of asset, liability, owner capital, revenue, expense, or owner withdrawal. You are encouraged to go back to intellipath or your book. Examples of assets, liabilities, and capital can be found on the balance sheet. Examples of revenues and expenses can be found on an income statement.
Review each account name, and type the name in the block under Assets, Liabilities, Owners’ Capital, Revenues, Expenses, or Owners’ Withdrawal. Use this template.
Cell D4 is an example.
Accounts to be classified:
Connie Johnson, Capital
Please no big words or sentences. Thanks.
Write 200–250 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas.
For this Discussion Board, please complete the following:
Journal entries are how accounting transactions are recorded on accounting records. Every transaction requires a journal entry.
Identify 1 business transaction that would result in a journal entry. Identify the following for the transaction:
* What accounts are involved? (Example: Accounts payable, cash, etc.)
* Did each account increase or decrease?
* What type of account are each of them? (Example: Asset, liability, revenue, expense, etc.)
* Would you debit or credit each account?
* Provide the journal entry.
Describe the effect the journal entry has on the financial statements. (Example: Cash on the balance sheet is increased, so current assets are increased on the balance sheet.) You have at least two accounts to discuss.
Describe a significant challenge you have faced and the steps you have taken to overcome this challenge. What did you learn? How has this challenge affected your academic achievement (400-500 words)
would not let me put 400 or 500 words in boxes above.
i can’t really think of anything for this. i wrote the below but am up for suggestions…. lol
i’m bad about not going to bed early. i stay up late studying and then i’m exhausted when i get up. it hasn’t effected my grades academically.
putting myself on a more organized schedule – trying to go to bed at or before 11:30pm, gives me about 8 hours of sleep before i have to wake up and get ready for school at 7:30. i’ve tried to keep myself on this schedule even on weekends although sometimes i do sleep late. i’m just naturally a night owl, but also makes me not a morning person.
getting on a schedule i think this has helped me to be more rested and focused during school hours and has possibly helped me make better scores on tests than i might have normally would.