Practice - Format of Trial Balance
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Practice Questions
Test your understanding with targeted questions
What is the purpose of a trial balance?
💡 Hint: Think about what happens if totals don't match.
What two main columns does a trial balance contain?
💡 Hint: Consider how financial accounts are categorized.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is a trial balance?
💡 Hint: Consider the definition of a trial balance.
True or False: The total of debits in a trial balance must equal total credits.
💡 Hint: Remember the main function of a trial balance.
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Challenge Problems
Push your limits with advanced challenges
A company has the following account balances: Cash A/c: $8,000, Equipment A/c: $15,000, Accounts Payable: $3,000, and Owner's Capital: $20,000. Prepare the trial balance and analyze if it is balanced.
💡 Hint: Focus on adding account values correctly in the respective columns.
You prepared a trial balance, but debits total $50,000, and credits total $45,000. What steps will you take to resolve the imbalance?
💡 Hint: Think about where discrepancies may have occurred in your records.
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