By the end of this session, you will be able to:

• Identify which errors are detected by the trial balance, and which are not

  
  

• Understand how the journal works and use the journal to make corrections

• Understand how the suspense account works, create a suspense account and produce journals to clear the suspense account

and answer assessment style questions relating to these areas

• Identify different forms of payment and how to ensure their validity

• Describe the effect different forms of payment have on an organisation’s bank balance and explain when funds banked are cleared and available for use

and answer questions relating to these areas

• Understand the reasons for reconciling the receivables control accounts with the receivable ledgers

• Identify discrepancies between the receivables ledger control accounts and the individual customer accounts

• Identify the reasons for these discrepancies

and answer assessment style questions relating to these areas

By the end of this session, you will be able to:

• Understand the purpose of a journal as a book of prime entry

• record payroll transactions into the journal

• Record entries for payroll transactions into their corresponding ledgers

and answer assessment style questions relating to these areas

and answer assessment style questions relating to these areas

• Understand the reasons for reconciling the payables control accounts with the payable ledgers

• Identify discrepancies between the payables ledger control accounts and the individual supplier accounts

• Identify the reasons for these discrepancies

and answer assessment style questions relating to these areas

• Reconcile a cash book with the bank statement

• Update the cash book

• Complete a bank statement reconciliation

  
  

and answer questions relating to these areas

• Demonstrate the purpose and importance of a journal in accounting, emphasising its role in recording business transactions accurately.

• Illustrate the process of using the journal for opening entries in a new business, including recording initial capital, assets and liabilities.

• Explain how to utilise the journal to account for irrecoverable debts, highlighting the necessary entries to write off bad debts.

and answer assessment style questions relating to these areas