A trial balance is a list of accounts and their balances at a given time

A trial balance is a list of accounts and their balances at a given time

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A trial balance is a list of accounts and their balances at a given time. Customary,  companies prepare a trial balance at the end of an accounting period. They list accounts  in the order in which they appear in the ledger. Debit balances appear in the left column  and credit balances in the right column. The primary purpose of a trial balance is to  prove that the debits equal the credits after posting.
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Unformatted text preview: Comaprative Advantage and the Gains from Trade (a respond only conference/assignment) STERLING COMPANY Trial Balance May 31, 2008 Debit Credit Cash $5,965 Accounts Receivable 2,360 Prepaid Insurance 800 Supplies 520 Equipment 7,480 Accounts Payable $4,710 Property Taxes Payable 560 M. Sterling, Capital 12,700 M. Sterling, Drawing 1,000 Service Revenue 6,960 Salaries Expense 4,400 Advertising Expense 1,505 Property Tax Expense 900 $24,930 $24,930...
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This note was uploaded on 10/19/2008 for the course ACCT 220 taught by Professor Shivn.goyal during the Fall '08 term at Maryland.

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