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  3. Dainfern College
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  5. Economic Management Sciences

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The Trial Balance
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A brief and easy-to-learn from summary of the trial balance and how to complete it. Ideal for 8th & 9th graders starting out with accounting. Includes: - an explanation of the purpose and completion of a trial balance - examples

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Document information

  • April 4, 2015
  • 2
  • 2014/2015
  • Visual
  • Study notes

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Erin_vdH

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The purpose of a trial balance is to make sure that there have not been
any errors in the recording process thus far. These errors may include:

 Incorrect adding in a journal
 Incorrect posting in the general ledger
 If the double entry principle was not adhered to
 Transposing figures (e.g. writing 98 as opposed to 89)

Not all errors will show up in a trial balance. The errors that will not show
up may include:

 If the mistake occurred on the source document
 If a transaction was not recorded at all or
 If posting was done to the incorrect ledger account (but still on the
correct side)
 If the incorrect amount is posted to both accounts

The information in the balance sheet section of the general ledger is
carried forward to the balance sheet section in the trial balance.

The information in the nominal account section of the general ledger is
carried forward to the nominal account section of the trial balance.

The accounts in the trial balance section should be in the same order as
they appear in the general ledger.
The purpose of a trial balance is to ensure the accuracy of the double entry
principle in the general ledger (every credit has an equal debit and every debit
has an equal credit)

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