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If the trial balance does not balance, what is the first step to identify the er

Practice Questions

Q1
If the trial balance does not balance, what is the first step to identify the error?
  1. Recalculate the totals
  2. Check the ledger accounts
  3. Review the journal entries
  4. Consult with an accountant

Questions & Step-by-Step Solutions

If the trial balance does not balance, what is the first step to identify the error?
  • Step 1: Look at the trial balance and find the total for the debit column.
  • Step 2: Look at the trial balance and find the total for the credit column.
  • Step 3: Add up all the numbers in the debit column carefully.
  • Step 4: Add up all the numbers in the credit column carefully.
  • Step 5: Compare the two totals to see if they are the same.
  • Trial Balance – A trial balance is a report that lists the balances of all ledgers accounts to ensure that total debits equal total credits.
  • Error Identification – The process of finding discrepancies in accounting records when the trial balance does not balance.
  • Recalculation – The act of verifying the totals of debits and credits to confirm their accuracy.
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