Audit the trial balance, ask questions and ask for evidence. Example can you show me the insurance coverage?
At the side of each account in the same excel document.
Detail Trial Balance
12/1/02 through 12/31/02
ID # Src Date Memo Debit Credit Net Activity Ending Balance
1-1100 Checking Account
Beginning Balance: $3,050.73
3 CD 12/1/2002 Gasoline $100.00
CR000001 CR 12/1/2002 Payment; Acme Sales, Inc. $6,000.00
4 CD 12/2/2002 Advice on Software $178.90
5 CD 12/2/2002 Monthly Insurance _ $45.00
Total: $6,000.00 $323.90 $5,676.10 $8,726.83
Jan-00 Finished Goods
Beginning Balance: $77,077.11
5 PJ 12/1/2002 Purchase; World of Widgets $283.18 _
Total: $283.18 $0.00 $283.18 $77,360.29
Jan-00 Accounts Receivable Beginning Balance:
Beginning Balance: $49,046.46
3 SJ 12/1/2002 Pre-conversion sale $10,000.00
3 SJ 12/1/2002 Pre-conversion sale $10,000.00
CR000001 CR 12/1/2002 Payment; Acme Sales, Inc. _ $6,000.00
Total: $10,000.00 $16,000.00 $6,000.00 cr $43,046.46
2-1200 Accounts Payable cr
Beginning Balance: $13,093.04
2 PJ 12/1/2002 Pre-conversion purchase $11,000.00 cr
2 PJ 12/1/2002 Pre-conversion purchase $880.00 cr
2 PJ 12/1/2002 Pre-conversion purchase $11,880.00 cr
5 PJ 12/1/2002 Purchase; World of Widgets $307.52 cr
5 PJ 12/1/2002 Purchase; World of Widgets _ $24.61 cr
Total: $11,880.00 $12,212.13 $332.13 cr $13,425.17 cr
6-1200 Car & Truck Expenses
Beginning Balance: $0.00
3 CD 12/1/2002 Gasoline $100.00 _
Total: $100.00 $0.00 $100.00 $100.00
6-1700 Freight Paid
Beginning Balance: $0.00
5 PJ 12/1/2002 Purchase; World of Widgets $48.95 _
Total: $48.95 $0.00 $48.95 $48.95
6-1800 Insurance (other than health)
Beginning Balance: $0.00
5 CD 12/2/0202 Monthly Insurance $45.00 _
Total: $45.00 $0.00 $45.00 $45.00
Jun-00 Legal & Professional Services
Beginning Balance: $0.00
4 CD 12/2/2002 Advice on Software $178.90 _
Total: $178.90 $0.00 $178.90 $178.90
Grand Total: $28,536.03 $28,536.03