Flannigan Company prepared a trial balance at December 31,2016.A trial balance that balances

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A trial balance is a list of all the general ledger account balances at a specific point in time. The purpose of a trial balance is to ensure that the total debits equal the total credits. If the trial balance balances, it proves the accuracy of the general ledger and that the accounting equation (assets = liabilities + equity) is in balance. However, a balanced trial balance does not guarantee that all transactions have been properly recorded or that there are no missing transactions. Adjusting entries may still be necessary to ensure that the financial statements are accurate.

Flannigan Company Prepared a Trial Balance at December 31,2016