Practice - Journal, Ledger, and Trial Balance
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Practice Questions
Test your understanding with targeted questions
What is the purpose of a journal in accounting?
💡 Hint: Think about the first step in recording financial transactions!
Define what a ledger is.
💡 Hint: It organizes the transactions in a structured way.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is the primary role of a journal in accounting?
💡 Hint: Think about the first step in accounting.
True or False: The trial balance ensures that total debits equal total credits.
💡 Hint: It acts as a check for balance in accounting.
1 more question available
Challenge Problems
Push your limits with advanced challenges
A business fails to record a cash sale of $2,000. What type of error is this and how does it affect the trial balance?
💡 Hint: Consider how missing transactions impact the accounts.
If a company mistakenly credits $5,000 to Salary Expense instead of Accounts Payable, what type of error is this, and what will be the immediate effect on the trial balance?
💡 Hint: Think of how errors can misrepresent financial data yet show balance.
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