What Should You Expect From This Lesson?

Understanding which types of errors do NOT affect the agreement of the Trial Balance. Writing entries in the general journal to correct BOTH errors that affect and errors that do not affect trial balance agreement (Mod. 6.1). Explaining why and how a suspense account may be used and created in order to make the totals of the Trial Balance agree (Mod. 6.2). Drawing up a Statement of Corrected Net Profit to explain the effects of errors on the profit (Mod. 6.1, 6.2).

How To Carry Out This Lesson At Home:

Questions & Answers serve as Text. These may or may not require teacher guidance, depending on student’s level of reading and understanding of English, besides other factors.
Class Demos (CD) are exercises meant to be worked out with teacher guidance.
Homework (HW) are exercises meant to be worked out without teacher guidance (lesson duration does NOT include HW).
Both CD & HW are exercises taken from SEC exam papers pre 2010 . Answers to both in excel file.