USA Need help on Journal entries and Financial statement.


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I am preparing a finical statement but somewhere I went horribly wrong. Debit and credits do not end up equaling each other on the balance sheet. If anyone could help me out and troubleshoot where I went wrong that would be great. I'm just starting to learn to do accounting.

My guess is that I did not fix all the journal entries to the proper accounts with the correct debit and credit. Also, I may not have carried over the correct permanent accounts balances to the general ledger.

Spread Sheet Document
 
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kirby

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One important technique of accounting is doing a self review of your own work. So if you are concerned that “ My guess is that I did not fix all the journal entries to the proper accounts with the correct debit and credit. Also, I may not have carried over the correct permanent accounts balances to the general ledger.” Then what YOU need to do is review the work you did until you are CERTAIN that the work is correct. During this process, you may likely locate the error.
 
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AGH the CPA

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I am preparing a finical statement but somewhere I went horribly wrong. Debit and credits do not end up equaling each other on the balance sheet. If anyone could help me out and troubleshoot where I went wrong that would be great. I'm just starting to learn to do accounting.

My guess is that I did not fix all the journal entries to the proper accounts with the correct debit and credit. Also, I may not have carried over the correct permanent accounts balances to the general ledger.

Spread Sheet Document
Like Kirby said, its on you to double check your work. I would start by reviewing the carryover balances from the prior year. Tik and tok to ensure that you have the right balance. Once you have verified that, then go month by month. Identify the first month that you are out of balance and then drill down from there.
 

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