Trial Balances

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:23AM in AAT student discussion
Hi,<BR>I am four weeks into the Foundation course but missed the lesson where Trial Balances were covered. I have figured out how to balance accounts individually from the handout we were given, but don't have enough (i.e any) detail about Trial Balances. When you draw up your Debits and Credits columns what goes where? What do you do with accounts that are clear? If someone owes you money do you put them in the Credit column? Help... I am very lost!<BR><BR>Many thanks... all help gratefully received.<BR><BR>Morff

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Trial Balances

    HI THERE<BR>I FOUND THE EASIEST WAY TO REMEMBER IS:<BR><BR>PEARLS<BR><BR>DR = P PURCHASES<BR> E EXPENSES<BR> A ASSETS<BR><BR>CR = R REVENUE<BR> L LIABILITIES<BR> S SALES
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Trial Balances

    Thank you. I will go home tonight and try some exercises using your acronym!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Trial Balances

    Just remember if you can balance your accounts then the Trial Balance is just a list of Balances and then at the end of your list the debits should match the credits.<BR><BR>If you are only 3 weeks into your course then the TB will be cover plenty more times yet.<BR><BR>Amanda
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Trial Balances

    Just a quick reply to Loris, i like that pearls breakdown to give you the understanding of what goes on Debits and Credits side, definatelt took a mental note of that one, thanks and have a good one.<BR><BR>Andrew

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