Homework Essay Example | Topics and Well Written Essays - 500 words - 5

planning - Essay ExampleRecording the information of the relations in a journal After record data chronologicall(a)y in the source document, it is transferred to the general journal, which may have other specific journals such(prenominal) as sales and cash journals as suggested by Simplestudies LLC (2012).The journal information is transmitted relevant accounts in the daybook hence posting The information from the general journal is transferred to ledger where information of all accounts in a business is maintained.Posting in account is the process of transmitting the details of financial transaction to the ledger. These transactions are initially found in the business journals. Posting is important in ingeminate entry accounts as it transfers the debit and reference work aspects of a financial to relevant accounts.A trial rest period in accounting refers to a statement, which has a conventional format of its own. It is not necessarily a ledger account. It provides a summary re port used to check whether all financial transactions in the accounting system follow the double entry rules as suggested by Simplestudies LLC (2012). The trail remnant is the sixth standard in the accounting process and it can be prepared at anytime. However, it is mostly prepared in front financial statements are prepared. The trial balance as opposed to the financial statement is prepared and utilize by the internal accounting team.A trial balance is usually prepared in companionship to check the accuracy calculations used in accounting process. In accounting a trial balance is also used to ensure that the rules of double entry are followed during the recording of financial transactions through with(p) at a specific time. This is usually done by summing all debit balances found in the general ledger. It is also done by ensuring that the sum of debit balances is equal to the sum of all credit balances of the general ledger according to Simplestudies LLC (2012). A trial balan ce usually provides a list of all the accounts found in the