Fun Trial Balance Is Prepared

First we record the transactions in the journal. Answer verified by Toppr. It is the first step in the end of the accounting period process.

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This is prepared to check if the total credits and total debits.

Trial balance is prepared. After posting all financial transactions to the accounting journals and summarizing them in the general ledger a trial balance is prepared to verify that the debits equal the credits on the chart of accounts. Preparing an unadjusted trial balance is the fourth step in the accounting cycle. And then we post them in the general ledger.

An adjusted trial balance example might be where a company received some products from a vendor but the invoice was not processed as of the end of the accounting period. Edit with Office GoogleDocs iWork etc. Ad Download Our Trial Balance All 2000 Essential Business and Legal Templates.

Ad Download Our Trial Balance All 2000 Essential Business and Legal Templates. Moreover what is trial balance and why it is prepared. This is the only main purpose of the Trial Balance.

The trial balance is the next step in the accounting cycle. The trial balance is made to ensure that the debits equal the credits in the chart of accounts. Ad Find Trial Balance Software.

In addition to error detection the trial balance is prepared to make the necessary adjusting entries to the general ledger. Trial balance is an important statement in the accounting process which shows final position of all accounts and helps in preparing the final statements. Assist in preparation of Audit Reports.

Basically the audit trail is what auditors need to audit and this is what trial balance provides. It is not an official financial statement. Accountants use a trial balance to test the equality of their debits and credits.

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