Trial balance

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The ledger account to which a difference on a trial balance may be posted

Suspense account

What determines whether the balances of an account is entered in the debit column or the credit column

Assets and expense determines if it is entered in the debit column Liabilities and income determines if it is entered in the credit column

What is indicated if the totals of a trial balance agree

If the totals agree, it indicates that double entry bookkeeping is arithmetically correct

What is a trial balance

It is a list of balances on the accounts in the ledger at a certain date

Two purposes of preparing a trial balance

Locates arithmetical errors Can prepare a financial statement


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