The TRIAL BALANCE Explained (Full Example!)

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.

⏱️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

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#accounting #accountingbasics #accountingstuff

[AccountingStuff]

Hope you found the video useful. As always, suggestions for future topics are always welcome

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[conniesmith]

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!

[anakano]

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[doodlingwitharchie]

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[lynna.]

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!!!

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