From the course: Advanced Bookkeeping Techniques
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The important raw data in the trial balance
From the course: Advanced Bookkeeping Techniques
The important raw data in the trial balance
- A trial balance is a detailed listing of all of the company's accounts and their balances. - Before the widespread use of computerized accounting systems, a trial balance was an important tool for manual bookkeepers to use to ensure that the debits and the credits in the accounting system were equal. - Very few people have ever seen an actual trial balance for a real company. - A balance sheet is a summary document. The trial balance is a detailed internal listing. The trial balance provides the raw material used to construct both the balance sheet and the income statement. - So, have you ever seen a real company's detailed trial balance? - Yes, I have. - When? - (chuckles) That's an interesting story. This is going to take us back to 1986. - 1986. - 1986, I was living in upstate New York. I saw an advertisement. The local newspaper publisher was selling its old computer for $150. - An old computer clear…
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