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What is the typical order of accounts in a trial balance?
What is the typical order of accounts in a trial balance?
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Q1
What is the typical order of accounts in a trial balance?
Assets, Liabilities, Equity, Revenue, Expenses
Revenue, Expenses, Assets, Liabilities, Equity
Liabilities, Assets, Equity, Revenue, Expenses
Equity, Assets, Liabilities, Revenue, Expenses
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The typical order of accounts in a trial balance is Assets, Liabilities, Equity, Revenue, and Expenses.
Questions & Step-by-step Solutions
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Q: What is the typical order of accounts in a trial balance?
Solution:
The typical order of accounts in a trial balance is Assets, Liabilities, Equity, Revenue, and Expenses.
Steps: 7
Show Steps
Step 1: Understand that a trial balance is a list of all accounts in the accounting system.
Step 2: Know that accounts are grouped into categories.
Step 3: The first category is Assets, which includes things the company owns.
Step 4: The second category is Liabilities, which includes what the company owes.
Step 5: The third category is Equity, which represents the owner's interest in the company.
Step 6: The fourth category is Revenue, which includes money earned from sales.
Step 7: The last category is Expenses, which includes costs incurred by the company.
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