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MARIST BROTHERS
NOTRE DAME OF DADIANGAS UNIVERSITY
Technical-Vocational Programs
Marist Avenue
General Santos City 9500
P.O. Box 100
Accounting Cycle
Trial Balance – List of all accounts with a balance including their balances.
– Total all debits and all credits, prove debits equal credits
-Used as an aid in preparing financial statements
Preparation of Trial Balance:
1. HEADING should include: Name of the Company, Title of Document “Trial Balance”
andDate of the Trial Balance
2.All Asset accounts listed first.
3. Liabilities areshown next
4. Owner’s Capital
5. Owner’s Drawing
6. Sales
7. Sales Returns and Allowances
8. Sales discounts
9. Purchases
10. Purchase returns and allowances
Contact No.: 09087171912
FB Acct: @NDDUTechVocPrograms
11. Purchase discounts
12. Freight in
13. Expenses
14. Total all the debit amount and credit amount
15. Debit amount should be equal to Credit amount
What are ‘Financial Statements‘?
Financial Statements represent a formal record of the financial activities of an
entity.
These are written reports that quantify the financial strength, performance and
liquidity of a company.
Financial Statements reflect the financial effects of business transactions and
events on the entity.
3 Main Financial Statements:
