WebQuest
CREATING AN ACCURATE TRIAL BALANCE FOR SERVICE BUSINESS
Task
At the end of this webquest, you are expected to prepare a trial balance (similar to the one that is attached below) based on the given ledger. Using the GRASP Framework, you must produce the accurate trial balance which will be the basis of the preparation of the financial statements.
Consider the following guides:
Goal: Prepare an accurate trial balance which will be the basis for the preparation of the financial statement of a service business.
Role: You are a bookkeeper of a service business organization.
Audience: You will be presenting the trial balance to the business owner's, investors, and creditors of the service business.
Situation: The service business, for which you are a bookkeeper, needs the trial balance because financial statements need to be prepared. These financial statements are necessary documents as the owner of the business intends to avail a loan in the bank.
Product: Trial Balance of the service business for a given accounting period.
Standard: The trial balance must be in accordance to generally accepted accounting principles, it must be neat, and it must be accurate.
Attachments
Sample Trial Balance
Description: Source: http://www.loscostos.info/financial-accounting/financial-reporting.html
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