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In a trial balance, what should the total debits equal?
In a trial balance, what should the total debits equal?
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Q1
In a trial balance, what should the total debits equal?
Total assets
Total liabilities
Total credits
Total expenses
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In a trial balance, the total debits must equal the total credits to ensure the accounting equation is balanced.
Questions & Step-by-step Solutions
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Q: In a trial balance, what should the total debits equal?
Solution:
In a trial balance, the total debits must equal the total credits to ensure the accounting equation is balanced.
Steps: 7
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Step 1: Understand what a trial balance is. It is a list of all the accounts in the accounting system with their balances.
Step 2: Know that each account can have a debit or credit balance.
Step 3: Remember that in accounting, every transaction affects at least two accounts, one debit and one credit.
Step 4: Calculate the total of all debit balances in the trial balance.
Step 5: Calculate the total of all credit balances in the trial balance.
Step 6: Compare the total debits and total credits. They should be equal.
Step 7: If total debits equal total credits, it means the accounting equation is balanced.
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