When the debit and credit sides of an account are equal the trial balance is considered to be balanced.
What is a trial balance?
- A trial balance is a bookkeeping worksheet that compiles the balances of all ledgers into equal debit and credit account column totals.
- A trial balance is prepared on a regular basis, usually at the end of each reporting period.
- A trial balance is created to check that the entries in a company's bookkeeping system are mathematically correct.
- A trial balance is prepared for a corporation to detect any mathematical errors that have occurred in the double-entry accounting system.
- If the total debits equal the total credits, the trial balance is regarded as balanced, and no mathematical errors should exist in the ledgers.
Therefore, when the debit and credit sides of an account are equal the trial balance is considered to be balanced.
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