Purpose of a Trial Balance : A trial balance can be defined as a list of accounts in a double-entry book, showing the net balance in the accounts on a specific day. The preparation of a trial balance helps a company to identify any errors that might have occurred in the double-entry accounting system. It is considered to be balanced when the total debits is equal to the total credits. Hence, it helps in checking the numerical equality of debits and credits after posting of accounts is done. In case, if there arises any discrepancies in the debit total and the credit total, then it indicates some kind of error in transferring, adding, balancing, or while preparing the trial balance statement. To explain: Whether the given errors would prevent the trial balance from balancing, when errors are considered separately

Question

Want to see the full answer?

Answer 1

Question

Chapter 2, Problem 20Q

To determine

Purpose of a Trial Balance:

A trial balance can be defined as a list of accounts in a double-entry book, showing the net balance in the accounts on a specific day.

The preparation of a trial balance helps a company to identify any errors that might have occurred in the double-entry accounting system. It is considered to be balanced when the total debits is equal to the total credits. Hence, it helps in checking the numerical equality of debits and credits after posting of accounts is done. In case, if there arises any discrepancies in the debit total and the credit total, then it indicates some kind of error in transferring, adding, balancing, or while preparing the trial balance statement.

To explain: Whether the given errors would prevent the trial balance from balancing, when errors are considered separately

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 2

Question

Chapter 2, Problem 20Q

To determine

Purpose of a Trial Balance:

A trial balance can be defined as a list of accounts in a double-entry book, showing the net balance in the accounts on a specific day.

The preparation of a trial balance helps a company to identify any errors that might have occurred in the double-entry accounting system. It is considered to be balanced when the total debits is equal to the total credits. Hence, it helps in checking the numerical equality of debits and credits after posting of accounts is done. In case, if there arises any discrepancies in the debit total and the credit total, then it indicates some kind of error in transferring, adding, balancing, or while preparing the trial balance statement.

To explain: Whether the given errors would prevent the trial balance from balancing, when errors are considered separately

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 2, Problem 20Q

To determine

Purpose of a Trial Balance:

A trial balance can be defined as a list of accounts in a double-entry book, showing the net balance in the accounts on a specific day.

The preparation of a trial balance helps a company to identify any errors that might have occurred in the double-entry accounting system. It is considered to be balanced when the total debits is equal to the total credits. Hence, it helps in checking the numerical equality of debits and credits after posting of accounts is done. In case, if there arises any discrepancies in the debit total and the credit total, then it indicates some kind of error in transferring, adding, balancing, or while preparing the trial balance statement.

To explain: Whether the given errors would prevent the trial balance from balancing, when errors are considered separately

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 2, Problem 20Q

To determine

Purpose of a Trial Balance:

A trial balance can be defined as a list of accounts in a double-entry book, showing the net balance in the accounts on a specific day.

The preparation of a trial balance helps a company to identify any errors that might have occurred in the double-entry accounting system. It is considered to be balanced when the total debits is equal to the total credits. Hence, it helps in checking the numerical equality of debits and credits after posting of accounts is done. In case, if there arises any discrepancies in the debit total and the credit total, then it indicates some kind of error in transferring, adding, balancing, or while preparing the trial balance statement.

To explain: Whether the given errors would prevent the trial balance from balancing, when errors are considered separately

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 2, Problem 20Q

To determine

Purpose of a Trial Balance:

A trial balance can be defined as a list of accounts in a double-entry book, showing the net balance in the accounts on a specific day.

The preparation of a trial balance helps a company to identify any errors that might have occurred in the double-entry accounting system. It is considered to be balanced when the total debits is equal to the total credits. Hence, it helps in checking the numerical equality of debits and credits after posting of accounts is done. In case, if there arises any discrepancies in the debit total and the credit total, then it indicates some kind of error in transferring, adding, balancing, or while preparing the trial balance statement.

To explain: Whether the given errors would prevent the trial balance from balancing, when errors are considered separately

Answer 6

Chapter 2, Problem 20Q

To determine

Purpose of a Trial Balance:

A trial balance can be defined as a list of accounts in a double-entry book, showing the net balance in the accounts on a specific day.

The preparation of a trial balance helps a company to identify any errors that might have occurred in the double-entry accounting system. It is considered to be balanced when the total debits is equal to the total credits. Hence, it helps in checking the numerical equality of debits and credits after posting of accounts is done. In case, if there arises any discrepancies in the debit total and the credit total, then it indicates some kind of error in transferring, adding, balancing, or while preparing the trial balance statement.

To explain: Whether the given errors would prevent the trial balance from balancing, when errors are considered separately

Answer 7

Chapter 2, Problem 20Q

To determine

Purpose of a Trial Balance:

A trial balance can be defined as a list of accounts in a double-entry book, showing the net balance in the accounts on a specific day.

The preparation of a trial balance helps a company to identify any errors that might have occurred in the double-entry accounting system. It is considered to be balanced when the total debits is equal to the total credits. Hence, it helps in checking the numerical equality of debits and credits after posting of accounts is done. In case, if there arises any discrepancies in the debit total and the credit total, then it indicates some kind of error in transferring, adding, balancing, or while preparing the trial balance statement.

To explain: Whether the given errors would prevent the trial balance from balancing, when errors are considered separately

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 2 - Prob. 1Q Ch. 2 - Prob. 2Q Ch. 2 - 3. Tom Dingel, a fellow student contends that the...Ch. 2 - 4. Olga Conrad, a beginning accounting student,...Ch. 2 - Prob. 5Q Ch. 2 - Prob. 6Q Ch. 2 - 7. Indicate whether each of the following accounts...Ch. 2 - Prob. 8Q Ch. 2 - 9. Indicate whether the following accounts...Ch. 2 - Prob. 10Q

Videos

Want to see the full answer?

Chapter 2 Solutions