Trial balance : 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.

Question

Want to see the full answer?

Answer 1

Question

Chapter 3, Problem 3.12BE

To determine

Trial balance:

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

I need help with this general accounting question using the proper accounting approach.

HELP

Can you solve this general accounting problem with appropriate steps and explanations?

Answer 2

Question

Chapter 3, Problem 3.12BE

To determine

Trial balance:

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem 3.12BE

To determine

Trial balance:

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem 3.12BE

To determine

Trial balance:

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 3.12BE

To determine

Trial balance:

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.

Answer 6

Chapter 3, Problem 3.12BE

To determine

Trial balance:

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.

Answer 7

Chapter 3, Problem 3.12BE

To determine

Trial balance:

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.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 3 - Prob. 1Q Ch. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - Prob. 7Q Ch. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9Q Ch. 3 - What is the normal balance for each of these...

Solution Summary: The author explains that trial balance is the list of accounts and their debit and credit balance at a given time.

Concept explainers

Videos

Want to see the full answer?

Chapter 3 Solutions