Steps To Extract Balances From A Ledger Account - SS1 Accounting Past Questions and Answers - page 1

Review the account transactions

Determine the balance of the account

Identify the account type 

Identify the account you want to extract the balance from

To identify the account type

To determine the balance of the account at a specific point in time 

To review the transactions that have been recorded in the ledger account

To increase the balance of the account

Telephone expenses

Employee salaries

Cash 

Office Supplies

By identifying the account type

By reviewing the account transactions

By adding up all the transactions recorded in the account up to a specific date

By analyzing the transactions recorded in the account

Accounts receivable

Inventory 

Accounts payable 

Cash