How do I adjust accounts with incorrect balances with the new accurate trial balances
by 
Anonymous
ANSWERS: 1
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1.Take out a trial balance of the existing ( incorrect) balances. 2.Pass a journal entry to square up (making zero) all balances in the trial balance. This is done by debting each account with credit balance by the same amount ( if the account shows $ 445.43 credit, debit it by the same amount) and crediting every account with a debit balance (if the account shows $ 2231.09 debit, credit it by the same amount.) 3. Once this entry is correctly passed there will be no balance in any account. 3. Then make a journal enrty of the correct trial balance and enter it. Now new balances will appear. Hope it is clear
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