2.7 - Conclusion
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Practice Questions
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What is the purpose of a journal in accounting?
💡 Hint: Think about where transactions are first noted.
Why do we prepare a trial balance?
💡 Hint: It's essential for verifying accuracy.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is the main purpose of a journal?
💡 Hint: Remember, it's the first step in the accounting process.
True or False: A trial balance checks if the total debits equal total credits.
💡 Hint: Think about what a trial balance is used for.
1 more question available
Challenge Problems
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A company recorded a cash sale of $500 and forgot to record a corresponding cash receipt in the journal. What type of error is this and how would it affect the trial balance?
💡 Hint: Think about how missing entries impact the accuracy of accounting records.
If the trial balance shows debits amounting to $10,000 and credits at $9,500, what steps should a bookkeeper take to identify potential errors?
💡 Hint: Consider what types of errors could cause the observed discrepancy.
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