Journal Entries and the General Ledger

Compound journal entries

Record transactions that affect three or more accounts in a single balanced entry.

Journal entries · Calculations · Equation analysis

Posting to the ledger and T-accounts

Post journal entries to ledger accounts and compute each account's balance.

Worksheets · Calculations · Classification · Concept checks · Sequencing · Simulator

The unadjusted trial balance

Prepare a trial balance and explain which errors it can and cannot detect.

Worksheets · Calculations · Classification · Concept checks · Simulator

Adjusting entries: prepayments and unearned revenue

Adjust prepaid expenses and unearned revenue so each period shows what it used and earned.

Journal entries · Worksheets · Calculations · Classification · Equation analysis · Conceptual Framework (accrual basis), IFRS 15 (contract liabilities)

Adjusting entries: accrued expenses and revenue

Record expenses incurred and revenue earned before any invoice or payment.

Journal entries · Worksheets · Calculations

Reversing entries

Use reversing entries at the start of a period and explain when they help.

Journal entries · Worksheets · Classification · Concept checks · Sequencing

The adjusted trial balance

Combine the unadjusted trial balance with adjustments and check the result.

Worksheets · Calculations · Classification · Concept checks

Finding and correcting errors

Diagnose posting and recording errors and write the correcting entry instead of editing history.

Journal entries · Worksheets · Classification · Concept checks · Simulator · IAS 8 (prior-period errors, introduction)

Closing entries and the post-closing trial balance

Close income, expense and dividend accounts to retained earnings and prepare the post-closing trial balance.

Journal entries · Calculations · Classification · Sequencing · Simulator