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If the trial balance shows total debits of $50,000 and total credits of $50,000,
If the trial balance shows total debits of $50,000 and total credits of $50,000, what can be concluded?
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Practice Questions
1 question
Q1
If the trial balance shows total debits of $50,000 and total credits of $50,000, what can be concluded?
The accounts are balanced
There is an error
More debits than credits
More credits than debits
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If total debits equal total credits, the accounts are balanced.
Questions & Step-by-step Solutions
1 item
Q
Q: If the trial balance shows total debits of $50,000 and total credits of $50,000, what can be concluded?
Solution:
If total debits equal total credits, the accounts are balanced.
Steps: 4
Show Steps
Step 1: Understand what a trial balance is. It is a report that lists all the balances of the accounts in the accounting system.
Step 2: Look at the total debits and total credits in the trial balance. In this case, total debits are $50,000 and total credits are $50,000.
Step 3: Compare the total debits and total credits. If they are equal, it means the accounting records are balanced.
Step 4: Conclude that since total debits ($50,000) equal total credits ($50,000), the accounts are balanced.
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