Financial Accounting
7th Edition
ISBN: 9781118162286
Author: Kimmel, Paul D.
Publisher: John Wiley & Sons Inc
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Chapter 3, Problem 3.12BE
To determine
Trial balance is the list of accounts and their debit and credit balance at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balance are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement.
Balancing of trial balance:
Trial balance may balance even when any of the following occurs:
- 1) a transaction is not journalized,
- 2) a correct
journal entry is not posted, - 3) a journal entry is posted twice,
- 4) incorrect accounts are used in journalizing or posting, or
- 5) Compensating errors are made in recording the amount of a transaction.
To prepare: a correct trial balance.
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Chapter 3 Solutions
Financial Accounting
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