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    Trial Balance

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    When is the trial balance prepared? Why would an organization prepare a trial balance? What does the trial balance tell you? What does the trial balance not tell you?

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    In bookkeeping, the trial balance is a worksheet wherein all the balances of each ledger are entered in two columns, namely debit and credit. Trial balance is prepared in each financial period as a summary of the closing of the previous ledger. The total of the debit side should always be ...

    Solution Summary

    The solution goes into details about trial balance and its importance in financial accounting.