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

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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 ...

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