Practice - Relationship Between 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 a journal in accounting?
💡 Hint: Think about where transactions are first recorded.
What is the purpose of a trial balance?
💡 Hint: What do we check for accuracy?
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is the first book of entry in accounting?
💡 Hint: It’s the first step in the accounting process.
True or False: The trial balance is used to prepare financial statements.
💡 Hint: Consider the purpose of the trial balance.
2 more questions available
Challenge Problems
Push your limits with advanced challenges
Your company has recorded transactions in its journal for the month, resulting in a total of $10,000 debits and $10,000 credits. However, upon reviewing your trial balance, you notice that it reads $9,000 in debits and $11,000 in credits. Explain where you would begin to trace the error.
💡 Hint: What is the first step in spotting discrepancies?
You have finished entering transactions in the journal and prepared the ledger. However, the trial balance is not balancing. Describe the possible types of errors that could lead to this issue.
💡 Hint: Which type of errors can easily occur during posting?
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.