Peeta owns a bakery. She has already gathered and examined the checks, credit card receipts, sales slips, and other related evidence concerning specific transactions. She has also recorded each financial transaction in a journal and transferred that information into a ledger. What must Peeta do at the end of the accounting period?

Question

Quizplus · Accepted Answer

At the end of the accounting period, Peeta must prepare a trial balance, a summary of the balances of all the accounts in the general ledger. If, upon totaling, the trial balance doesn't balance, Peeta or her accountant must look for mistakes and correct them. If the trial balance is correct, the accountant can then begin to prepare the financial statements.

Peeta Owns a Bakery