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Trial Balance & Adjusting Entries


Overview/Description
Target Audience
Expected Duration
Lesson Objectives
Course Number



Overview/Description
A typical accounting cycle begins with the analysis of business transactions and ends with a post-closing trial balance. Trial balances are prepared at several times in an accounting cycle. A trial balance lists all of the ledger accounts and checks if debit and credit totals for all accounts match. Trial balances provide an opportunity to correct any calculation, recording, or posting errors in the account books. Adjusting entries are then made to record accrued or deferred amounts followed by another trial balance to check equality of debits and credits. Financial statements are also prepared at this stage in the cycle. Finally, all temporary accounts are closed and a post-closing trial balance is prepared. This course teaches you how to prepare a trial balance, make adjusting entries, and close the temporary account books at the end of an accounting period. It introduces several types of trial balances performed within the accounting cycle and walks you through the preparation of a trial balance. This course also teaches you how to classify and make adjusting entries and close the accounts at period end.

Target Audience
Anyone either serving in an accounting role, or who just wants to have a working understanding of the accounting and bookkeeping functions, but who has no previous experience in accounting

Expected Duration (hours)
1.0

Lesson Objectives

Trial Balance & Adjusting Entries

  • prepare a trial balance
  • sequence the steps for preparing a trial balance
  • recognize key characteristics of several types of trial balances performed within the accounting cycle
  • classify adjusting entries as being accruals or deferrals
  • make adjusting entries
  • sequence the steps for closing the accounts
  • Course Number:
    fin_03_a05_bs_enus