Prepare a Trial Balance (Sample).

Question

Accepted Answer

A trial balance is a list of all the general ledger accounts used by a company, along with their respective debit or credit balances.

A trial balance is prepared to ensure that the total debits equal the total credits in the general ledger.
It helps in identifying any errors or discrepancies in the accounting records.
The trial balance includes all the accounts, such as assets, liabilities, equity, revenues, and expenses.
Each account is listed with its balance, either as a debit or credit.
Here is a sample trial balance: Account Name | Debit | Credit ------------------------ Cash | $10,000 | - Accounts Receivable | $5,000 | - Accounts Payable | - | $3,000 Sales Revenue | - | $15,000 Rent Expense | - | $1,000

Accepted Answer

Trial balance consist of income and balance sheet items. It has info about additions of assets and liabilities. Accordingly, the trial balance is finalised and those entries are posted into income statement (expenses, revenues and gains) and balance sheet (assets, cash, liabilities and accruals like receivables and payables) are recorded. Due to the advent of software many firms do not need trial balance preperation.

Accepted Answer

dabit and credit collom are equal

Prepare a Trial Balance (Sample).

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