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Which of the following is a correct format for a trial balance?
Which of the following is a correct format for a trial balance?
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Practice Questions
1 question
Q1
Which of the following is a correct format for a trial balance?
Account Name
Debit
Credit
Debit
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The correct format for a trial balance is to list the Account Name followed by the Debit and Credit columns.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following is a correct format for a trial balance?
Solution:
The correct format for a trial balance is to list the Account Name followed by the Debit and Credit columns.
Steps: 7
Show Steps
Step 1: Understand that a trial balance is a list of all accounts in the general ledger.
Step 2: Identify that each account will have a balance that is either a debit or a credit.
Step 3: Create a table format with three columns: one for Account Name, one for Debit, and one for Credit.
Step 4: List each account name in the first column.
Step 5: Enter the corresponding debit amount in the second column if the account has a debit balance.
Step 6: Enter the corresponding credit amount in the third column if the account has a credit balance.
Step 7: Ensure that the total of the Debit column equals the total of the Credit column.
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