Chapter 2, Problem 15RQ

To determine

Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources, on a specific date. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity.

To indicate: The differences between trial balance and balance sheet