The TRIAL BALANCE Explained (Full Example!)
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- เผยแพร่เมื่อ 29 พ.ค. 2024
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Accounting 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.
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⏱️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
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Hope you found the video useful. As always, suggestions for future topics are always welcome
Can you please help me with my accounting assignment?
Thank you! Your videos have been enormously helpful!!! I have some ideas for future topics: the closing process, recording closing entries, and post-closing trial balances. I'm having a hard time understanding these from the my textbook...I think I'm spoiled from watching your videos. :)
@@tanyapanfil Hey Tanya, apologies for my late reply. I have only just seen this comment. Cheers for your suggestions, I'd like to cover those at some point
Hi, I'm new to your channel, but find it very helpful. I was wondering if you could do a follow-up video dealing with the type's of errors that can occur within a trial balance and how to correct them. Thanks for all the great videos that you've already produced.
hi, from trial balance can u show how to make income statement and balancesheet
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Me
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@@AccountingStuff Man, My Master's public finance courses are actually using your videos straight from the beginner's playlist. I've watched 4 of yours in a row now today. I noticed there are never ads when they play so I hope you're being compensated for LITERALLY TEACHING ME MY MASTERS COURSES. ffs... they are really good and helpful though.
These courses don't even teach us anything n we kinda have to self learn most stuff.
its more easy to learn in youtube than how a prof discuss, lol
Best accounting tutorials on TH-cam. You keep it simple and straight to the point. Thank you very much.
Thanks Lakshmi! Glad you're finding the videos useful. All the best!
He is best teacher
Who else is super excited about going through all these tutorials?
Meeeee
Yeah actually, I am. Sick of barely understanding my accounting class, this guy seems to keep it simple and clean so I'm looking forward to maybe finally understanding this.
I’m in finance, but having a solid accounting understand is critical. They help a ton!
Your truly a blessing my guy!!! I was stuck on my homework not having a clue whatsoever I watched the first 5 videos of your series and now I feel extremely confident on how to do these journals plus I finished my homework with no problem. Again thanks a lot!!!!
Nice one! Glad it's going well
As an accounting freshman, words cannot describe how helpful you've been. Thank you so much.
No worries, I'm happy to help!
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You'll crush it!!
Mood
same!!!
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Thanks, I'm glad you enjoyed it!
Seriously, this should be required viewing for all people about to launch into any accounting anything. Thank you for such an accessible and easy to follow training for accounting.
I hope you're not getting tired of compliments: You're. The. Best.
Thank you, James❤
Cheers, I appreciate it!
Agree
I needed some help to better understand how to do this. 2 hrs of the instructor explaining it - didn't make sense. 8mins of this video - wow, this isn't as difficult as i thought. Thanks for posting this!
No worries Connie, glad it's making sense!
The production level compared to all the other accounting vids is amazing.
I have been watching your videos over and over again for the past two days because I could NOT grasp the idea of how to complete the financial statements. Your explanation of the Trial Balance sheet was incredible and it unclogged whatever block I had in my brain! The best part of the video (what really helped me at least) was when you took the trial balance sheet and transformed it into the balance sheet. After that, something clicked and I was able to understand how the two sheets are related. From there I was able to complete the income statement and next I am going to try the Statement of Cash Flow and Changes in Equity! THANK YOU for making what I perceived as impossible, Possible! YOu are truly an amazing teacher!!!
Whos here before an exam
😂
Me😢
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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
I have spent hours working through accounting class, and not grasping a thing. I watched your videos, and now I am starting to make sense of everything. I have literally 13 days to pass my final exam in this class, and these videos are doing more for me than my study guide and textbook.
Great to hear it's clicking for you. 13 days is still a decent amount of time. You've got this!
It's really easy to see you put a massive amount of effort into your videos, keep up the great learning content!
Thanks, yeah they take a while to put together
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Cheers Mortaza!
Fifth video done..!!
It’s amazing how you explain these difficult concepts in such short videos and just so effectively
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Thanks Tini, hope your students are finding them helpful :)
You are a great teacher! I am thankful for guys like you.
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Cheers, I'm glad you think so!
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Thanks for your kind words :)
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Thanks for the kind words... I upload once a week and have no plans to stop any time soon
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No problem Gayle. Good luck in your exams!!
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Nice one, glad it's making sense!
Hello - I want to start out by saying I absolutely LOVE your videos - they are engaging and highly effective at breaking accounting concepts into readily learned tidbits! I'm taking Financial Accounting for my MBA and struggling with one type of quiz question - determining the impact of an error on one of the financial statements. I understand the underlying concepts in the correct answer, but my brain just shuts down when I come across one of these problems:
Which of the following errors on a firm’s adjusted trial balance would cause errors in the firm’s retained earnings statement but would not affect its income statement nor cause its balance sheet or its adjusted trial balance to be out of balance?
A :
understatement of the Unearned Service Revenue amount by $200 and overstatement of the Dividends amount by $200
B :
overstatement of both the Unearned Service Revenue amount by $200 and the Dividends amount by $200
C :
none of these errors would lead to the scenario described above.
D :
overstatement of the Unearned Service Revenue amount by $200 and understatement of the Dividends amount by $200
Especially the questions that pull in all of the financial statements:
Q 4.152: After preparing its financial statements for November, Unique Interiors notices that its income statement shows total expenses that are $200 too high and total revenues that are $300 too low. What effect will these errors have on Unique’s balance sheet for the month, assuming all other account balances listed on that sheet are correct?
A :
These errors mean that the firm’s balance sheet will show a total liabilities and stockholders’ equity amount that is $100 higher than its total assets amount.
B :
These errors mean that the firm’s balance sheet will show a total liabilities and stockholders’ equity amount that is $500 lower than its total assets amount.
C :
These errors mean that the firm’s balance sheet will show a total liabilities and stockholders’ equity amount that is $100 lower than its total assets amount.
D :
These errors mean that the firm’s balance sheet will show a total liabilities and stockholders’ equity amount that is $500 higher than its total assets amount.
Any advice?
Your videos are very creative and pretty sure many people appreciate that
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Thanks Erica, I'm happy you're enjoying the videos!
I have been watching your videos for the past few days and I already feel like a professional accountant. Thanks James for the fantastic tutorial. God bless you.
No worries Raji! All the best
You are a blessing! I finally have some hope for my final exam now! Thank you.
I had forgotten the basics of trial balancing. Thank you for refreshing my memories.
Thank you so much James! I’m an architect want to learn Accounting. And you did help me out alot. Love from Vietnam ❤!
This was so helpful man. I had to create a trial balance as part of a business assignment for my engineering degree. Couldn't wrap my head around it before this video!
Excellent and simple explanation .
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Hey Gabriel, you're very welcome! I'm happy to help :)
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Thanks Matthew! Haha, my bad!! That is too funny. Cheers for the support! I'm glad to hear that you're getting into it now
I'm so excited! I've been going through these tutorials (and coming back as needed) I came back and was able to fill this out correctly on my own!
Nice one Ama!
I am in online class with no instructions. Just textbook reading and assignments. Thank you for the videos! Definitely a lifesaver!
Best of luck with your studies :)
I was lost in accounting before watching your videos…now I have found the way…Shout-out to you James
Thank you so much for this breakdown, I didn’t understand much in my accounting class but your videos are so helpful.
No worries, all the best with your studies!
Probably this has been the best and perfectly explained video of trial balance. Your great work is the success to my knowledge 😄😄
Hey Divya, that's great to hear, good luck with your studies!
I'm studying bookkeeping, I always check to see if you did a video on the area I'm studying, why? because you thoroughly explain it in a lively fun way, and u keep me from falling asleep. Thanks.
Thankful for you! I am struggling on Sophi's Learning Financial Accounting course and was able to watch your videos to grasp the concepts a bit better.
Great to hear it's clicking for you
I am preparing for Chartered Accountant and your videos really helps me sir, thank you
This channel is saving my LIFE
Am glad I found this channel at the right time
Again, thank you for simplifying this!!! Laying it out in a Working TB HELPED me UNDERSTAND how to complete a TB.
No problem, glad you found it useful!
Thanks for these videos. I am doing a basic accounting course and your videos are sometimes shown in class and are very helpful.
Hey Reva, no worries. I'm happy the vids are helping you!
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Happy to hear that!
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Thanks I'm glad you're enjoying the channel! Cheers for your support
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Thanks Carlene, glad you enjoyed it
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Best of luck with your new career! I hope it all works out for you :)
1:16 PRODUCING..TYPO...excellent stuff James...Thx
Cheers!
Thanks, very easy to learn
Brilliant! Now I feel confident about trying out Quickbooks journal starting balances. Thanks
Awesome, good luck!
Thank you. You always help me with accounting
Happy to help!
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Thanks for your kind words :)
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Cheers Ahmed!
My accounting lecture show this in class. It is very easy to understand. Thank you!
Glad you found it useful!
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No problem :)
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No worries!
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Thanks, that's great to hear :)
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No worries, glad you're finding these videos helpful :)
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Thanks mate!!
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mate
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Thanks Zhimei!
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Thanks, great to hear you're finding these useful :)
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Thanks!
Thanks You ! It's been helpful,maybe I will get by the end of the semester!
Thanks Ana and good luck with your studies!
Very helpful Tips
Power and useful. Easy to understand
Thanks, that's great to hear
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Thanks bud :)
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Cheers!
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How did it go??
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Good luck, hope you crush the exam!
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Cheers!
Hi Mr.James
Thank you for your valuable accounting class
No problemo!
This video is a gem in the accounting world!
Thanks! Glad you think so
thank you for your video, help me a lot during this time.
No worries, I'm happy to help!
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Hey Tanisha, glad to hear it. Good luck for tomorrow!
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