Question

A trial balance:_____.
a. Proves that debits and credits are equal in the ledger.
b. Supplies a listing of open accounts and their balances that are used in preparing financial statements.
c. Is normally prepared three times in the accounting cycle.
d. All of these answer choices are correct.

Answer 1

Answer:

d. All of these answer choices are correct.

Explanation:

There are two sections namely debit sections and credit sections. The total of debit and credit sections is always be matched and equaled

The debit sections reports assets and expenses side

whereas, the credit sections reports revenue, stockholder equity, and the liability side.  

Moreover, the balances are used to prepare the financial statement i.e income statement, balance sheet, etc

The trail balance is prepared three times i.e non adjusted, adjusted and the post-closing trail balance