Action Accounting
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Patricia Green's Organic Fruit and Vegetable Stall
Balancing Accounts and the Trial Balance: Bank
Scene 34
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Introduction
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Double Entry
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Balancing Accounts
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Trial Balance
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Income Statement
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Balance Sheet
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Completed Financial Statements
Balance the Bank Account: Find the Balancing Figure
Looking at the Bank Account Sam will not know how much money he has without doing a calculation. By balancing the account he will find out the difference between what he has received and what he has paid out. This will show him how much money he has.
Look at the account and calculate out how much each side totals. Then find the difference between the two sides. This is the balancing figure.
Type figures in the "post-it" note below
DR
Bank Account
CR
Date
Details
Amount
Date
Details
Amount
October 1
Capital Account
2000
October 2
Furniture Account
200
October 6
Sales Account
700
October 2
Rent Account
150
October 7
Sales Account
480
October 2
Insurance Account
180
October 5
Purchases Account
600
Debit side total equals
Credit side total equals
Difference equals
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Debit side total equals €3180. Credit side total equals €1130. Difference equals €2050.
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