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Transcript of Trial Balance
All the closing debit balances are summarised in one column and the closing credit balances in another.
Given the nature of the double entry system, both columns should agree.
If not, the discrepancy must be investigated and corrected.
Errors where the trial balance still balances
Error of original entry
Errors where the trial balance does not balance
single sided entry
debit and credit entries at different values
Two debit or two credit entries
An incorrect addition in any individual account (miscasting)
At the end of the year, once all ledger accounts
have been balanced off, the closing balances are summarised on a long list of balances.
This is referred to as a trial balance.
This is another control in the accounting system to ensure that the balances reported in the financial statements are accurate.