A "'trial balance "'is a list of all the general ledger accounts ( both revenue and capital ) contained in the ledger of a business.
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When people say, " debits must equal credits " they do " not " mean that the two columns of any ledger account must be equal.
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The trading profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the trial balance.
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The accounting method that will be used is the double-entry accounting method, so every transaction is recorded as a debit and a credit in separate ledger accounts.
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Double-entry bookkeeping is not a guarantee that no errors have been made for example, the wrong ledger account may have been debited or credited, or the entries completely reversed.
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The use of folio numbers makes it easy to refer back from the ledger account to the journal entry or forward from the journal entry to the ledger account.
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The use of folio numbers makes it easy to refer back from the ledger account to the journal entry or forward from the journal entry to the ledger account.
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For example, if fifty sales on account were made during one day, fifty ledger postings would have to be made to three general ledger accounts : Accounts Receivable, Sales, and Sale Tax Payable.
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A " double-entry bookkeeping system " is a set of rules for recording financial information in a financial accounting system in which every transaction or event changes at least two different nominal ledger accounts.
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These costs are recorded in ledger accounts throughout the life of the job or batch and are then summarized in the final trial balance before the preparing of the job cost or batch manufacturing statement.
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