Question

prepare the trial balance. use may 31 as its report date. note: hint: accounts must be listed in financial statement order: assets first, followed by liabilities, equity, revenues and expenses.

Answer 1

A trial balance is a list of all the accounts in a company's general ledger with their respective debit and credit amounts. It is prepared to ensure that total debits equal total credits before the financial statements are created.

Step-by-step explanation:

A trial balance is a list of all the accounts in a company's general ledger with their respective debit and credit amounts. It is prepared to ensure that total debits equal total credits before the financial statements are created. In order to prepare a trial balance, you need to follow these steps:

1. List all the accounts in the financial statement order: assets, liabilities, equity, revenues, and expenses.
2. Post the balances of each account to the appropriate column of the trial balance.
3. Calculate the total debits and credits for each column.
4. Verify that the total debits equal total credits.