what is the difference between trial balance and general ledger?
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The general ledger contains the detailed transactions comprising all accounts, while the trial balance only contains the ending balance in each of those accounts. ... The trial balance has a much more limited use, where the totals of all debits and credits are compared to verify that the books are in balance.
1145190
Memorize the rule that debits are increases in asset accounts, while credits are decreases in asset accounts. In a general ledger, increases in assets are recorded as debits. Decreases in assets are recorded as credits.
294457
Retained earnings aren't "calculated" in the trial balance (the trial balance is simply a snapshot of accounting info). The accumulated past profits which have been retained (rather than paid out as dividend) are "shown" in the trial balance.
805639
The key difference between T account and ledger is that T account is a graphical representation of a ledger account whereas ledger is a set financial accounts. Therefore, a ledger can also be interpreted as a collection of T accounts.
1233797
The adjusted trial balance is an internal document that lists the general ledger account titles and their balances after any adjustments have been made. The adjusted trial balance is not a financial statement, but the adjusted account balances will be reported on the financial statements.
974537
General Ledger, to be considered the base of the accounting system. It contains the amounts for a specific company in a operating year. ... Special ledger that could adopt a different set of accounting rules and could derive data directly from other ledgers.
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There are three types of trial balances: the unadjusted trial balance, the adjusted trial balance and the post- closing trial balance.
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Sales discounts (along with sales returns and allowances) are deducted from gross sales to arrive at the company's net sales. Hence, the general ledger account Sales Discounts is a contra revenue account. Sales discounts are not reported as an expense.
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Your ledger balance is your current bank balance, as opposed to your available balance. Your available balance includes credits or debits from transactions that have not yet posted to your account, such as deposits or withdrawals you made in the last 24 hours.
517627
Some ledger accounts have a debit balance, some have a credit balance. Assets and expenses account appear as debt balances, whereas liabilities, shareholders equity and income accounts appear as credit balances.
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What is the major difference between the unadjusted trial balance and the adjusted trial balance? -Unlike the adjusted trial balance, the unadjusted trial balance will continue with the end-of-period processing even if it is not in balance.
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An extended trial balance is a standard trial balance to which are added columns extending to the right, and in which are listed the following categories: Initial balances per general ledger. ... The total of all initial balance debits should equal the total of all initial balance credits. Adjusting journal entries.
978759
A roll-forward is just a ledger of activity in the account. The roll-forward rolls the balance from the prior period and adds all the pluses and minuses (debits and credits) that take you to the balance this period.
20800
The electronic cash ledger reflects the cash available to settle the tax liability. Whereas, the Electronic liability ledger showcases the amount of tax payable by the taxpayer. Finally, the electronic credit ledger displays the input tax credit balance available to the registered taxpayer.
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The unadjusted trial balance verifies that the total of the debit balances equals the total of the credit balances. ... The adjustments are added or subtracted from the amounts in the Unadjusted Trial Balance columns, and the adjusted balances are recorded in the Adjusted Trial Balance columns on the work sheet.
801352
['Company Name. The top of the trial balance contains the name of the company. ... ', 'Pre or Post Close. The trial balance may be pre-closing or post-closing. ... ', "List of Accounts. The left side of a trial balance contains the company's list of accounts, which are usually organized by account number. ... ", 'Balances.']
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General Ledger Reconciliation is the process performed by accountants to verify the integrity of account balances on the company's general ledger of accounts.