Intro to Accounting - Assignment 2

My student's Checkbook Register and Trial Balance don't match the answer keys. How do I locate and fix the error?

• Start by comparing your student's trial balance with the answer key. Begin with the Profit/(Loss) located at the bottom of the report, then review all other accounts. After reviewing the full trial balance, select the correct option below.
  
  • My student's Profit/(Loss) is correct
  • My student's Profit/(Loss) is incorrect

My student's Profit/(Loss) is correct

• If your student's Profit/(Loss) is correct, then all bank transactions have been posted but a distribution account was posted incorrectly. Determine which accounts are off by comparing with the answer key and then review the General Ledger report by going to Reports > Accountant > General Ledger. Set your report start date to 9/1 and report end date to 11/30. Review the account(s) that did not match the answer key and determine if any transactions appear to be posted in the wrong accounts.
• Once the incorrect transactions have been located, view How to edit and delete checkbook transactions

My student's Profit/(Loss) is incorrect

• If your student's Profit/(Loss) is incorrect, then there are either missing entries, duplicate entries, or entries with incorrect amounts.
• Begin by using the answer key to determine which accounts are off. Once those have been located, review the General Ledger report by going to Reports > Accountant > General Ledger. Set your report start date to 9/1 and report end date to 11/30. Review the account(s) that did not match the answer key.
  • Is the account balance higher or lower than the answer key? If the account balance is higher, is there a transaction that looks like it's posted incorrectly? If the account balance is lower, is there another account that might have the missing entry?
• To locate the discrepancies the quickest, we recommend going through a reconciliation process by using the bank statements. Or, have your student review all Checks, Deposits, and then EFT transactions for each month and cross reference with the entries that have been posted.

• Once the incorrect transactions have been located, view How to edit and delete checkbook transactions