Question

A trial balance also provides a:

Question 3 options:

Summary of the next profits made during the period


Summary of all transactions made since the end of the previous period


Summary of the debits and credits made in the previous period


Summary of the sales made during the current period

Answer 1

Summary of the debits and credits made in the previous period

Answer 2

summary of the transactions made since the end of the previous period

Step-by-step explanation:

A trial Balance is an internal bookkeeping sheet that is used to list out all the ledger balances of the company within a period of business. it complies these ledger balances together by grouping them into debit and credit columns.

For a trial balance to be accurate the debit and credit column have to be equal i.e they have to balance out each other when computed in the trial balance. the trial balance worksheet is used and kept in the accounting department of the company.

The trial balance worksheet is used to cross check the the entries made into the general ledger of the company if they are correct mathematically before releasing the General ledger to the company.