Sarah's Book Store :Creating Trial Balance
Activity Description
In this engaging and practical worksheet, students will assist Sarah, the owner of a new bookstore called "Sarah's Book Nook," as she navigates her first month of business. Sarah has diligently recorded her transactions for January in her ledger, but she now needs to create a trial balance to ensure her books are balanced.
Activity Overview:
Students will be presented with ledger accounts detailing Sarah's transactions. On one side of the worksheet, they will see the various ledger entries, including assets, liabilities, revenues, and expenses. The task requires students to analyze these entries and accurately transfer the debit and credit balances to the trial balance table provided on the right side of the worksheet.
Expected Outcomes:
By the end of this activity, students will have a clear understanding of how to prepare a trial balance from ledger accounts, reinforcing their foundational knowledge of accounting principles. This exercise not only enhances their technical skills but also builds confidence in managing real-world financial records.
Learning Objective
- Understand the components and structure of a ledger and a trial balance.
- Accurately classify and transfer ledger balances to the appropriate debit or credit columns in a trial balance.
- Develop skills in verifying the accuracy of financial records by ensuring that total debits equal total credits.
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