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belladion
Jan 26, 2009, 07:11 AM
i know how to prepare journal entries, T account but dont know the format of trial balance and i dont know if it debit or credit.
codyman144
Jan 26, 2009, 08:51 AM
Trial Balance lists the final balance in all accounts (P&L and BS) at the end of the accounting period in question. Trial Balance should balance in that the sum of all the credit balances equals the sum of all the debt balances.

Does this help?
plonak
Jan 26, 2009, 03:51 PM
For Liabilities/Revenue you add credits and subtract debits

For Expenses/assets you add debits and subtact credits..

Does that make sense? accounting can be tricky.. maybe you should see a tutor for extra help?
codyman144
Jan 26, 2009, 09:42 PM
For Liabilities/Revenue you add credits and subtract debits

For Expenses/assets you add debits and subtact credits..

Does that make sense? accounting can be tricky.. maybe you should see a tutor for extra help?

Your answer isn't quite right...

Liabilities/Revenues normally have a credit balance (unless they are contra)

Expenses/assets normally have a debt balance (again unless the are contra)

But I think the discussion of contra-assets and contra-liabilities is a little too advanced right now.

To elaborate on my answer if your trial balance does not balance have you closed the books yet and cleared the income summary account to retained earnings? If not that’s what you need to do to account for any income or loss.
plonak
Jan 27, 2009, 10:28 AM
Your answer isn't quite right...

Liabilities/Revenues normally have a credit balance (unless they are contra)

Expenses/assets normally have a debt balance (again unless the are contra)

But I think the discussion of contra-assets and contra-liabilities is a little too advanced right now.

To elaborate on my answer if your trial balance does not balance have you closed the books yet and cleared the income summary account to retained earnings? If not that’s what you need to do to account for any income or loss.

It wasn't that i wasn't right. I just didn't think that she needed to learn that.. getting a little picky here now are we? :p
codyman144
Jan 27, 2009, 10:40 AM
It wasn't that i wasn't right. I just didn't think that she needed to learn that.. getting a little picky here now are we? :p

Picky yes this is true, sorry about that its my nature after all I am an accountant :)