The trial balance serves two purposes.It verifies the clerical accuracy of the posting process and assists in preparing the financial statements.

Question

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The trial balance is used to ensure that the total dollar amount of debits equals the total dollar amount of credits in the accounting system. This confirms the clerical accuracy of the posting process. Additionally, the trial balance provides a summary of all the account balances, which is used in the preparation of financial statements.

The Trial Balance Serves Two Purposes