Help with accounting questions?
1. You have been employed by Wilson Building Depot as an accounting clerk. Your main duty is to record journal entries daily and post to the general ledger. Your procedure in posting is to post the entries by account order. For example, you first go through all of your journal entries and post all Bank entries. You then proceed to the second account, and so on. Explain the advantage and disadvantages of this method.
2. Dean Slovodnik posts from the journal to the ledger at the end of each week. Because he prepares a balance sheet once a year, he believes it is necessary to prepare a trial balance only once a year. What are the disadvantages of taking a trial balance only once a year?
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