The TRIAL BALANCE Explained (Full Example!) .com/watch?v=3_PfoTzSCQE

💥Trial Balance Cheat Sheet → Basics Lesson 5 – Learn how to prepare a Trial Balance using T Accounts and Journal Entries. The Trial Balance is made easy in this episode of Accounting Stuff – Accounting Basics for Beginners Lesson 5 – you will learn:▪ What is a Trial Balance in Accounting. I explain it’s definition and structure as part of Basic Accounting for Beginners. ▪ Then I explain the purpose of a Trial Balance in Accounting, what a Trial Balance is used for, and why it was originally created. ▪ After that, I’ll give you five reasons why a balanced Trial Balance sheet isn’t necessary error-free. ▪ Finally, I’ll show you how to prepare a Trial Balance sheet from both Journal Entries and T Accounts. We will work through six Trial Balance examples and solutions.🔴Subscribe for more Accounting Tutorials →⏱️TIMESTAMPS 00:00 – Intro 00:41 – What is a Trial Balance? 01:24 – What does a Trial Balance look like? 02:45 – Common Errors in a Trial Balance 03:34 – What is a Working Trial Balance? 04:34 – How to Build a Trial Balance 06:43 – Recap🔎FAQ ▪ My Favourite Accounting Book for Beginners →🔝 CLOUD ACCOUNTING SOFTWARE ▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → ▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) →🚶FOLLOW ME ON ▪ Insta → ▪ Twitter →🎬LEARN ACCOUNTING BASICS FOR FREE ▪ The Full Playlist → ________________________ DISCLAIMERSome of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________#accounting #accountingbasics #accountingstuff

19 thoughts on “The TRIAL BALANCE Explained (Full Example!)

    1. You all probably dont give a damn but does any of you know of a trick to get back into an Instagram account??
      I was dumb lost the login password. I love any tricks you can offer me.

    2. I may not perfect my exams and quizzes but I am now interested and enjoying to learn more 😊

  1. Re-learning for my interview with a small accounting firm tomorrow. Anyone else had to take an exam for a job?

  2. Thanks so much James! I am trying to finish the Accounting Basics series and I hope this can help me organize financials for my small business. You’ve left a great legacy <3

  3. Hi! I know its been a few years, but I just wanted to pop a question for you if you’re available to answer. From what I’m understanding of all of the financial statements, the journal entries record every transaction that occurs within the business. You then have to record each of these transactions twice more, twice each, into the general ledger and the trial balance. Then you can go on to use the general ledger to fulfill the balance sheet, and use the trial balance to fill out the P&L statement as well as the cash flow statement. is this all correct? I guess my biggest question is just knowing how the sheets interact and fulfill each other. It’s feeling like I have to input every single transaction the company makes six different times across 3 different documents. Which I get it, that’s why there is now accounting software. But I am really dedicated to understanding the basics so I’m doing everything manually right now. Anyways does all of that sound correct? Thanks so much for your time and all the work you have put into teaching these topics. It has saved me!!!

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