Practice - Introduction to Journal, Ledger, and Trial Balance
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
What is the purpose of accounting?
💡 Hint: Think about what accounting helps businesses do.
What does a journal record?
💡 Hint: Remember the term 'book of original entry.'
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What does accounting help stakeholders with?
💡 Hint: Think about who benefits from accurate financial information.
True or False: A trial balance ensures that total debits equal total credits.
💡 Hint: Remember what trial balance is used for.
Get performance evaluation
Challenge Problems
Push your limits with advanced challenges
Imagine a company sold products worth $1,000 on credit and received $600 in cash. Create the journal entries and subsequently, the ledger entries for this transaction.
💡 Hint: Think of how both cash and credit transactions affect different accounts.
A trial balance shows debits of $20,000 and credits of $19,500. What could be potential reasons for this discrepancy and how would you find it?
💡 Hint: Consider how each entry could impact the overall balance.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.