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Topic4TheTrialBalanceTrialBalance•Listsallaccountswiththeirbalances–assetsfirst,thenliabilitiesandstockholders’equity•Summarizesalltheaccountbalancesforthefinancialstatements•Providesacheckonaccuracybyshowingwhethertotaldebitsequaltotalcredits•Maybetakenatanytimethepostingsareuptodate,butthemostcommontimeisattheendoftheperiodAnalyzingAccounts•Oftentellwhatacompanydidbyanalyzingitsaccounts•Forinstance,ifyouknowthebeginningandendingbalanceofCash,andyouknowtotalcashreceipts,youcancomputeyourtotalcashpaymentsduringtheperiodTheTrialbalance•Duetotheuseofdoubleentrybook-keepingmethodology,Sumofalldebits=SumofallcreditsTotalofaccountswithDebitBalanceTotalofaccountswithCreditbalanceTrialBalanceMillerDesignStudio,Inc.TrialBalance31-Jul-12Debit(MOP)Credit(MOP)Cash22,480AccountsReceivable4,600OfficeSupplies5,200PrepaidRent3,200OfficeEquipment16,320AccountsPayable6,280UnearnedDesignRevenue1,400ContributedCapital40,000Dividends2,800DesignRevenue12,400WagesExpenses4,800UtilitiesExpenses68060,08060,080TheTrialBalance-ExampleTrialBalanceVSBalanceSheet•Donotconfusethetrialbalancewiththebalancesheet•Prepareatrialbalancefortheirinternalrecords•Thecompanyreportsitsfinancialposition–bothinsideandoutsidethebusiness–onthebalancesheet,aformalfinancialstatement•Thetrialbalanceismerelyastepinthepreparationofthefinancialstatement